Eco 365 Week 1 Individual Assignment`
In the article I read, the product that is being consumed is Oil. The main utility or at least 70% of the utility is towards transportation in the United States. As in most Americans use private transport for business and pleasure ,At the same time the American public loves big cars that are gas guzzlers, so when you buy a gas guzzler and take frequent road trips you are bound to utilize a fair amount of gas and that utility is quite significant parse. Therefore the utility of the desired product as per the article is Gasoline and its major utility is in private transportation that is availed by the American public when they are driving and commuting in their private vehicles. This is what my take on utility is in light of the relevant article I have read and understood.
As per the article what has influenced the demand for oil are multiple factors; they are first of all the