The Utility Function | Microeconomics
15:57
YouTubeKlaus Prettner
The Utility Function | Microeconomics
In this video, I introduce the utility function, a fundamental concept in microeconomics that allows economists to represent consumer preferences mathematically. What you will learn: - What is a utility function and how it represents felicity/satisfaction - How to interpret utility values: ordinal vs. cardinal utility - Real-world examples ...
717 views7 months ago
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