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What is a utility function?

Asked by Topperlearning User 25th April 2016, 11:03 AM
Answered by Expert

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 Expert 25th April 2016, 1:03 PM
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