Question

Utility derived from raincoat in rainy season give economic term

Answer 1

Answer:

Utility derived from raincoat in rainy season is time utility.

Explanation:

• The whole level of enjoyment a person receives from using a specific good or service is known as economic utility.
• It enables one to gauge the degree of fulfilment necessary to satiate a certain need or desire.

• Economic utility is the overall level of happiness felt after consuming a good or service.
• The value a consumer obtains from goods or services in a way they genuinely need is known as form utility.
• Time utility is the provision of goods or services to customers at the time of their demand or necessity.
• Place utility refers to placing goods or services in places where customers may conveniently obtain them.
• Possession utility is the use or perceived benefit a customer receives from possessing and promptly using a good or service.

Time utility:

• This kind of utility happens when a business offers products and services when clients want or need them.
• Businesses examine the best ways to design or maximize the time usefulness of their products and modify the logistics of their manufacturing and delivery processes.
• Therefore, the business should produce and supply more of the product to the market in response to rising demand.
• When developing time utility, a business should take into account the hours and days of the week that it might choose to offer its services.
• For instance, if people frequently shop for a particular product on weekends, a business may open on those days.
• The availability of a product or the company's customer care division via a phone number or internet chat feature at all times is another example of time utility.

#SPJ3