Question

What is utility ? describe its characteristics.​

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

Explanation:

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Answer 2

Explanation:

UTILITY:

The want satisfying capacity of a commodity at a point of time is called Utility. The Utility was divided into four types .They are

1) Form Utility:

If a commodity satisfies a consumer with change in its shape is known as form utility. For ex: Making a wooden log into chair and tables.

2)place utility:

Utility is acquired when place of commodity chages . for example Vegetables do not have utility but gain utility when vegetables brought to market.

3)Time utility:

Commodity acquires utility because of time . Businessman store goods and sell when demand is high . ex cool drinks in summer tea coffee in winter.

4) Service Utility:

Service also have able to gain utility. Teching of good teacher makes student life bright .