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Question
Name any two types of utility.
Short Note
Solution
- Time Utility: A sick man derives time utility from blood, not at the time of its donation. but only at the operation – time, i.e., when it is used.
- Place Utility: A student derives place utility from a book not at the place of its publication (production centre) but only at the place of his education (consumption centre).
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Basic Concepts in Economics
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