Question

Write short note on Form utility

Answer 1

Within economics the concept of utility is used to model worth or value, but 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. But the term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a consumer's preference ordering over a choice set. As such, it is devoid of its original interpretation as a measurement of the pleasure or satisfaction obtained by the consumer from that choice.

Answer 2

Answer:

Form utility is defined as the value that a consumer sees in the finished products.

• Form utility is the quality of finished products seen by a customer. The corporation seeks to improve the utility of the type by making the product available for sale in a form that makes it more valuable in this form to the customer, rather than the raw materials used to produce it.
• The value of transformation includes turning raw materials into finished goods. Companies that sell goods that produce service products do not normally sell parts on their own, they combine or refine certain materials, chemicals and elements to develop products directly developed to satisfy those requirements.