Question

Place utility and time utility

Answer 1

Answer:

When a commodity gains utility by the chnage in place, it is called place utilty. for example, vegetables have no demand in the production place, but if they are bought to market, they get demand.

if good gain utility by time, it it called time utility. for example, during winter, coffee and tea have more demand whereas during summer, cool drinks have more demand.

Explanation:

Answer 2

Place utility:

When utility of a commodity increases due to a change in its place, it is called place utilities. For example, woollen clothes have more utility at cold places than at warm places. Transport creates place utility.

Time utility:

When the utility of a commodity increases with a change in its time of utilization, it is called time utility. For example, a student has more utility for text books during examinations than in the vacations. Time utility is also observed when goods are stored and used at the time of scarcity. For example, Blood bank.

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