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Explain the types of utility.

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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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