Question

Identify and explain the different ways by which utility van be created?

Answer 1

Answer:

There are four different types of utility: form, place, time, and possession utility. Form utility is created by the design of the product or service itself. Place utility can be obtained through the process of making a good or service more readily available to potential customers.

Answer 2

Answer:

Explanation:

When utility is created and or added by changing the shape or form of goods, it is form utility. When a carpenter makes a table out of wood, he adds to the utility of wood by converting it into a more useful commodity like furniture. He has created form utility.

means if you are transport your goods from one werehouse to another werehouse then you are placing your good from one place to another place."Transport creates place utility.

The Utility created by changing shape, size or color of a particular product is called as a form utility. For example, making furniture out of wood. Making furniture out of wood increases the utility of the wood.

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.