What is utility function? Distinguish between direct utility function

Question

What is utility function? Distinguish between direct utility function and indirect utility function. State the mathematical expressions of utility function of perfect substitutes and perfect compliments.

30 Nov 2023

Answer :

Word Count : 426

A utility function in microeconomics represents how an individual or consumer assigns preferences or satisfaction to different bundles of goods or services. It's a mathematical representation of the consumer's preferences, indicating the level of satisfaction or utility derived from consuming various combinations of goods and services. This concept is foundational in understanding consumer behavior and choices within the field of microeconomics.

### Direct Utility Function:

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