Types of  utility 

1) Form utility 

     When utility is created due to a change in the shape or structure of existing material , it is called form utility . for example , toys made of clay , furniture from wood etc .

2) Place utility 

     When utility of a commodity  increases due to change in its place  , it is called place utility . for example , Woollen  clothes have more  utility at cold places than at warm places. Transport creates place utility .

3) Service utility 

    Service utility arises when personal services are rendered by various professionals . for example service of doctors , teachers , lawyers etc .

4) Knowledge utility 

      When a consumer acquires knowledge about a particular product , it is called  knowledge utility . for example , utility of a mobile phone or a computer increases when a person knows about its various functions .

5) possession utility 

     possession utility arises when the ownership of goods is transferred from one person to another . for example transfer of goods from the sellers to the buyers .

6) Time utility 

    when the utility of a commodity increases with a change in its time of utilization , it is called time utility . for example , a student has more utility for text book during examinations than in the vacation . Time utility is also observed when goods are stored  and used at the time of scarcity . for example Blood bank .