50
edits
Changes
Jump to navigation
Jump to search
Line 2:
Line 2: + +
no edit summary
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.
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.
The term utility has its origins in the philosophical movement of [[utilitarianism]].
[[Category:Economics]]
[[Category:Economics]]
[[Category:Philosophy]]
[[Category:Philosophy]]