Question & Answer: 1.How can a utility differ to same person from one place to another?…

Expert Answer

1. Utility is a commodity which is used to satisfy human wants. The purpose of utility depends on the wants of a person . The importance of same utility may vary from one place to the other for the same individual. When the want for a certain utility is very high in a person he immediately gets it whatever price it may be. But as the want decreases the utility is kept aside and a craving for another new one is born. After sometime it may completely vanish from the picture as the want for that utility is no more . So a utilty depends on the necessity of a person and may change from time to time or place to place.

2.The basic job of a broker is to fix things by acting as a platform between two people or communities or enterprises. In a supply chain when the good are sent from manufacturer to the customer, a broker helps for it’s smooth flow by acting as a medium . He helps the manufacturer to get a good supplier for his work and a customer to get a good manufacturer for his goods. The flow becomes easy and convenient.