Asked by
Kissha Candol
on Oct 14, 2024Verified
Mark strictly prefers consumption bundle A to consumption bundle B and weakly prefers bundle B to bundle A.These preferences can be represented by a utility function.
Utility Function
An expression used in economics to quantify the happiness or satisfaction gained from consuming a set of goods or services.
Consumption Bundle
A combination of different goods and services that a consumer chooses to purchase at a given time.
- Understand the concept of utility functions and how they represent preferences.
- Attain insight into the notion and aspects of indifference curves.
Verified Answer
JE
Learning Objectives
- Understand the concept of utility functions and how they represent preferences.
- Attain insight into the notion and aspects of indifference curves.