Ans. The different types of utility are as follows:
(1) Form utility: It is created by changing a form of a material.By changing shape, size, etc., a commodity is made suitable for consumption.For example, conversion of wood into furniture.
(2) Time utility: It is created by supplying the commodities at the right time when they are intensely needed by people. For example, selling preserved crops at high prices during scarcity.
(3) Service utility: It is created by rendering personal services to the clients by various professionals.For example, services of doctors, teachers, etc.
(4) Place utility: It is created by transporting goods from a place of abundance to a place of scarcity.For example, grapes from Nashik are brought to Mumbai.
(5) Knowledge utility: It is obtained by getting knowledge of a particular commodity.For example, after training, an individual finds more utility in computers.
(6) Nature utility: It is obtained by using the goods available freely in the nature.For example, sunshine.
(7) Possession utility: It is obtained by transfer of ownership of goods from one person to another.For example, the buyers enjoy possession utility when they actually buy goods from the retailers.