Question

My mother purchased a two wheeler vehicle to me this helped to fulfill my travel needs.At same time my father also utilized his provident fund amount to set up my classes. 1.Name the type of utility. 2.Explain the meaning of utility​

Answer 1

Answer:

Meaning of Utility:

The want satisfying power of a commodity is called utility. It is a quality possessed by a commodity or service to satisfy human wants. Utility can also be defined as value-in-use of a commodity because the satisfaction which we get from the consumption of a commodity is its value-in-use.

Answer 2

Answer:

The purchase of two wheeler is Form utility

The utilisation of Provident fund amount for classes is Possesion utility

Explanation:

• The customer satisfaction by deserving the service or product is utility
• There are 4 types of utility ,They are form utility,time utility,place utility and Possession utility
• Form utility is the customer satisfaction of they deserve in their way like the product or service
• possession utility is the satisfaction of the service or product by the sacrifice one thing which is Possesion of that and gain other thing