Question

Explain the features of utility.

Answer 1

Answer:

The four types of economic utility are form, time, place, and possession, whereby utility refers to the usefulness or value that consumers experience from a product. The economic utilities help assess consumer purchase decisions and pinpoint the drivers behind those decisions.

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Answer 2

Answer:

Utility is individual and Relative: It differs from person-to-person, place-to-place and time-to-time. Utility cannot be measured objectively: It is a feeling and thus cannot be measured in numerical terms.

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