Get premium membership and access questions with answers, video lessons as well as revision papers.

Describe the utility function

      

Describe the utility function

  

Answers


Dana
This is a way of assigning a number to every possible consumption bundle such that the more preferred gets assigned a higher number than the less preferred bundle. It is a way of labeling indifference curves

Dana05 answered the question on August 15, 2019 at 14:04


Next: Give the two approaches to the study of utility
Previous: If x: y = 4:7 and y :z = 5:3 find the ratio x:y: z

View More Economics Questions and Answers | Return to Questions Index

Related Questions