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Question
Identify and explain the concept from the given illustration:
Nilesh purchased ornaments for his sister.
Solution
Concept: Value in exchange/Possession utility
Explanation:
- The law of DMU explains the ‘paradox of values’ by showing the difference between the value in use and the value in exchange. Some commodities have high value in use, and some commodities have high value in exchange.
- Possession utility arises when the ownership of goods is transferred from one person to another.
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Answer the following question .
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There is no relationship between marginal utility and total utility.
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Define or explain the following concept:
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Distinguish between:
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Write short note on:
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Choose the correct option:
| Column A | Column B |
| 1) Time utility | a) Transport |
| 2) Place utility | b) Blood bank |
| 3) Service utility | c) Mobile phone |
| 4) Knowledge utility | d) Doctor |
Identify and explain the concept from the given illustration:
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Give economic term:
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Give an economic term:
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Identify and explain the concept from the given illustration:
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- Place utility
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