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Utility is an economic term representing the someone's satisfaction or happiness. The utility of a [[good]], for example, is its ability to bring satisfaction to the buyer.
Utility is an economic term representing the someone's satisfaction or happiness. The utility of a [[good]], for example, is its ability to bring satisfaction to the buyer.
Utility functions are mathematical ways of representing the benefits accruing to a consumer from his consumption of various goods. A utility function, in conjunction with a budget constraint, may be used to determine a consumer's optimal bundle of goods.
[[Category:Economics]]
[[Category:Economics]]
[[Category:Philosophy]]
[[Category:Philosophy]]