Explain the types of utility.

1.	Explain the types of utility.
Answer» Types of Utility 1. Form utility: If the physical form of a commodity is changed, its utility may increase. Eg. Cotton increases, if it is converted into clothes. 2. Place utility: If a commodity is transported from one place to another, its utility may increase. Eg. If rice transported to Tamilnadu to Kerala, its utility will be more. 3. Time utility : If the commodity is stored for future usage, its utility may increase. Eg. Agricultural commodities like Paddy, Wheat, etc. are stored for the regular uses of consumers throughout the year.

Answer»

Types of Utility

1. Form utility: If the physical form of a commodity is changed, its utility may increase.

Eg. Cotton increases, if it is converted into clothes.

2. Place utility: If a commodity is transported from one place to another, its utility may increase.

Eg. If rice transported to Tamilnadu to Kerala, its utility will be more.

3. Time utility : If the commodity is stored for future usage, its utility may increase.

Eg. Agricultural commodities like Paddy, Wheat, etc. are stored for the regular uses of consumers throughout the year.

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