Name any two types of utility.
Answers
Answer:
There are two types of utility, namely, total utility and marginal utility.
- Total Utility: Total Utility (TU) implies overall level of satisfaction derived from a good by a consumer. ...
- Total Utility: Total Utility (TU) implies overall level of satisfaction derived from a good by a consumer. ...Marginal Utility:
Explanation:
Hope it is helpful for you
have a nice day
Answer:
there are four types of utility they are
Form
Form utility refers to how well a product or service meets the customer's needs. For example, a company might design a product to target a specific client's needs or wants. Form utility is the incorporation of customer needs and wants into the features and benefits of the products being offered by the company.
TIME
Time utility exists when a company maximizes the availability of a product so that customers can buy it during the times that are the most convenient or desirable for them. Companies analyze how to create or maximize their products' time utility and adjust their production process, logistical planning of manufacturing, and delivery.
Place
Place utility refers primarily to making goods or services physically available or accessible to potential customers. Examples of place utility range from a retail store's location to how easy a company's website or services are to find on the internet. Companies that have effective search engine optimization or SEO strategies can improve their place utility. SEO is the process of increasing a website's availability to internet users through their searches on the web.
Possession
Possession utility is the amount of usefulness or perceived value from owning a product. For example, owning a car or truck might be considered to have a high possession utility.