microeconomics

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what is meant by the term"utility" and how does the idea relate to purposeful behavior?

  • microeconomics -

    Utility is relative measure of happiness/pleasure/satisfaction.

    See http://en.wikipedia.org/wiki/Utility

    If consuming good A gives a person more utility than good B, then that person would pay more for A than B.

  • microeconomics -

    utility and how does the idea relate purposeful behavior

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