Difference between revisions of "Utility"

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(Created page with "Utility is the level of satisfaction or pleasure that people receive from their choices. ==Definitions== According to Principles of Economics by Timothy Taylor (3rd edi...")
 
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According to [[Principles of Economics by Timothy Taylor (3rd edition)]],
 
According to [[Principles of Economics by Timothy Taylor (3rd edition)]],
 
:[[Utility]]. The level of satisfaction or pleasure that people receive from their choices.
 
:[[Utility]]. The level of satisfaction or pleasure that people receive from their choices.
 +
According to [[Macroeconomics by Mankiw (7th edition)]],
 +
:[[Utility]]. A measure of household satisfaction.
  
 
[[Category: Economics]][[Category: Articles]]
 
[[Category: Economics]][[Category: Articles]]

Revision as of 19:40, 2 July 2020

Utility is the level of satisfaction or pleasure that people receive from their choices.

Definitions

According to Principles of Economics by Timothy Taylor (3rd edition),

Utility. The level of satisfaction or pleasure that people receive from their choices.

According to Macroeconomics by Mankiw (7th edition),

Utility. A measure of household satisfaction.