Learn about utility theory with our comprehensive video lesson! Watch now to view examples and test your knowledge with an optional quiz for practice.

The marginal utility formula is the change in total utility divided by the change in total number of units consumed. Total utility is used in the equation to find the total change in utility due ...

Get help with your Utility maximization problem homework. Access the answers to hundreds of Utility maximization problem questions that are explained in a way that's easy for you to …

Learn about expected utility theory and understand its application when making decisions. Explore how to calculate expected utility with the equation and examples.

Learn how to calculate the marginal rate of substitution and its application in economics. View examples of the formula in use with real world application.

In this lesson, learn about monotonic functions and how to identify them. Moreover, understand the nature of increasing and decreasing monotonic functions with examples and equations.

3) The utility function of a consumer who consumes quantities x and y of two goods is defined by the expression U (x, y)=√xy subject to the constraint 7x+3y=84 where $84 is the consumer's …

What is Form Utility? The term form utility is defined as the ability of the product to meet the needs of the customers. For example a particular might be designed in such a way in order to satisfy …

Learn about utility maximization. Discover various types of utility, examine utility maximizing rules, and study examples of maximizing utilities in economics. Find consumer's surplus at the …

Suppose you have a utility function u (x 1, x 2) = x 1 1 / 2 x 2 1 / 2. The prices for good 1 and good 2 are p 1 and p 2, and the consumer's income is m. The prices per unit for the two goods …