form utility is created by making a product available at a location where customers wish to purchase it.

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06-12-2022
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form utility is created by making a product available at a location where customers wish to purchase it.

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NomulaHarsh NomulaHarsh · Answer 1 · 2022-12-10T13:31:59+01:00

Place utility is created by making a product available at a location where customers wish to purchase it.

What is utility?

In economics, the term "utility" is used to define the value or worth of a good or service. More precisely, utility is the total enjoyment or value derived from utilizing a product or service. In economic theories of rational choice, it is frequently assumed that consumers would aim to maximise their utility.

The economic utility of a good or service must be understood since it directly affects demand and pricing. In practise, consumer utility is frequently difficult to measure or quantify. However, some economists believe that by combining a number of models, they may evaluate an economic good or service's effectiveness in an indirect manner.

To learn more about utility.

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