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Results tagged with utility
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user 15509
Utility, or usefulness, is the (perceived) ability of something to satisfy needs or wants.
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How to find change in the optimal choice with a utility function in general form?
Suppose the utility function is represented as $U(x_1,x_2;I)$, where $I$ is the level of information the consumer possesses. … While I understand the procedure with a Cobb Douglas Utility function, I don't know how to work with general form. …
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