CBSE Class 12-commerce Answered
What is a utility function?
Asked by Topperlearning User | 25 Apr, 2016, 11:03: AM
Expert Answer
A utility function means assigning numbers to all the available bundles. Let us consider any two bundles; if one is preferred to the other, then the preferred bundle gets assigned a higher utility and if the two bundles are indifferent, then they are assigned the same utility number.
Answered by | 25 Apr, 2016, 01:03: PM
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ANSWERED BY EXPERT
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Asked by Topperlearning User | 25 Apr, 2016, 11:03: AM
ANSWERED BY EXPERT
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Asked by Topperlearning User | 25 Apr, 2016, 11:03: AM
ANSWERED BY EXPERT