Question
Briefly define the following forms of utilities:
i.Form utility.
ii.Possession utility
iii.Place utility
i.Form utility.
ii.Possession utility
iii.Place utility
Answer
I. Form utility- transformation of good from one form to another.
II. Possession utility- physical change from one person to another.
III. Place utility- physical movement of a good from one place to another where it has more utility
II. Possession utility- physical change from one person to another.
III. Place utility- physical movement of a good from one place to another where it has more utility
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