Question

what is utility? what are types of utility ​

Answer 1

Answer:

The four types of economic utility are form, time, place, and possession, whereby utility refers to the usefulness or value that consumers experience from a product.

Answer 2

Explanation:

Within economics, the concept of utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or satisfaction within the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. 

There are five types of different utilities that can be generated for a consumer by a firm. These are: form utility, task utility, time utility, place utility, and possession utility.

.