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Utility Analysis — Economics STD 12 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsEconomicsUtility Analysis2 Marks
Question
Knowledge Utility and Possession Utility.
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Answer

Knowledge Utility:

  1. Knowledge utility arises when a person acquires knowledge regarding a product.
  2. Use of mobile, computer, etc. creates knowledge utility.
  3. In this case, a consumer is interested to know various functions of product.
  4. Knowledge utility increases due to utilisation.

    Possession Utility:

    1. Possession utility arises when the ownership of a product is transferred from one person to another.
    2. Sale and purchase of goods creates possession utility.
    3. In this case, a consumer is interested to satisfy his wants.
    4. Possession utility increases due to demand.

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