The three kinds of utility. Introduction: A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.

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Answer 1

Question

Chapter 7, Problem 7.1QR

Summary Introduction

To determine: The three kinds of utility.

Introduction:

A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.

Expert Solution & Answer

Explanation of Solution

Determine the three types of utility:

Form, time, and place are the three forms of utility. Form utility is the process of converting the human skills and raw materials to finished goods.

Time utility is the process of making the service or finished good available when customers required.

Place utility is the process of providing the goods or services to the customers at needed location.

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Answer 2

Question

Chapter 7, Problem 7.1QR

Summary Introduction

To determine: The three kinds of utility.

Introduction:

A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.

Expert Solution & Answer

Explanation of Solution

Determine the three types of utility:

Form, time, and place are the three forms of utility. Form utility is the process of converting the human skills and raw materials to finished goods.

Time utility is the process of making the service or finished good available when customers required.

Place utility is the process of providing the goods or services to the customers at needed location.

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Answer 3

Question

Chapter 7, Problem 7.1QR

Summary Introduction

To determine: The three kinds of utility.

Introduction:

A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.

Expert Solution & Answer

Explanation of Solution

Determine the three types of utility:

Form, time, and place are the three forms of utility. Form utility is the process of converting the human skills and raw materials to finished goods.

Time utility is the process of making the service or finished good available when customers required.

Place utility is the process of providing the goods or services to the customers at needed location.

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Answer 4

Question

Chapter 7, Problem 7.1QR

Summary Introduction

To determine: The three kinds of utility.

Introduction:

A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.

Expert Solution & Answer

Explanation of Solution

Determine the three types of utility:

Form, time, and place are the three forms of utility. Form utility is the process of converting the human skills and raw materials to finished goods.

Time utility is the process of making the service or finished good available when customers required.

Place utility is the process of providing the goods or services to the customers at needed location.

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Answer 5

Chapter 7, Problem 7.1QR

Summary Introduction

To determine: The three kinds of utility.

Introduction:

A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.

Expert Solution & Answer

Explanation of Solution

Determine the three types of utility:

Form, time, and place are the three forms of utility. Form utility is the process of converting the human skills and raw materials to finished goods.

Time utility is the process of making the service or finished good available when customers required.

Place utility is the process of providing the goods or services to the customers at needed location.

Answer 6

Chapter 7, Problem 7.1QR

Summary Introduction

To determine: The three kinds of utility.

Introduction:

A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.

Expert Solution & Answer

Explanation of Solution

Determine the three types of utility:

Form, time, and place are the three forms of utility. Form utility is the process of converting the human skills and raw materials to finished goods.

Time utility is the process of making the service or finished good available when customers required.

Place utility is the process of providing the goods or services to the customers at needed location.

Answer 7

Chapter 7, Problem 7.1QR

Summary Introduction

To determine: The three kinds of utility.

Introduction:

A business is an economic system whether the goods or services are exchanged for money. Production, buying of raw materials and selling of finished goods are the works related to the business. Business is the thing which improves the people’s standard of living.

Answer 8

Expert Solution & Answer

Explanation of Solution

Determine the three types of utility:

Form, time, and place are the three forms of utility. Form utility is the process of converting the human skills and raw materials to finished goods.

Time utility is the process of making the service or finished good available when customers required.

Place utility is the process of providing the goods or services to the customers at needed location.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 7 - Prob. 7.1QR Ch. 7 - Prob. 7.2QR Ch. 7 - Prob. 7.3QR Ch. 7 - Prob. 7.4QR Ch. 7 - Prob. 7.5QA Ch. 7 - Prob. 7.6QA Ch. 7 - Prob. 7.7QA Ch. 7 - Prob. 7.8QA Ch. 7 - Prob. 7.9AE Ch. 7 - Interview the manager of a local service business,...

Explanation of Solution

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