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angela210793
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first of all wht do u call preferences which utility function is U(x,y)=min{2x+y;x+2y}
 2 years ago
 2 years ago
angela210793 Group Title
first of all wht do u call preferences which utility function is U(x,y)=min{2x+y;x+2y}
 2 years ago
 2 years ago

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sheg Group TitleBest ResponseYou've already chosen the best response.0
angela see this pdf i feel it would help you
 2 years ago

angela210793 Group TitleBest ResponseYou've already chosen the best response.0
i know what they are called in albanian i just wanted to know the name in english actually :)
 2 years ago

mahmit2012 Group TitleBest ResponseYou've already chosen the best response.0
you should plot two lines then min of them in each interval is utility function. i make a problem with only one variable.
 2 years ago

mahmit2012 Group TitleBest ResponseYou've already chosen the best response.0
dw:1336860962595:dw
 2 years ago

vaboro Group TitleBest ResponseYou've already chosen the best response.0
@sheg where is your pdf from?
 2 years ago

vaboro Group TitleBest ResponseYou've already chosen the best response.0
@angela210793 the various values of x and y are the preferences
 2 years ago

vaboro Group TitleBest ResponseYou've already chosen the best response.0
the question that bothers me is how one measures utility, or, in other words how to derive the utility function?
 2 years ago

vaboro Group TitleBest ResponseYou've already chosen the best response.0
does anyone know any practical ways of deriving utility functions? have anyone heard of such processes being performed in the real word? I haven't and therefore, utility function is more an abstract concept to me than a practical one.
 2 years ago

angela210793 Group TitleBest ResponseYou've already chosen the best response.0
What i wanted to ask about is....do u equal 2x+y=x+2y as u usually do when u have U(xy)=min{ax,by}
 2 years ago

vaboro Group TitleBest ResponseYou've already chosen the best response.0
if you do this you will get x=y which doesn't make any sense in fact the function U(x,y) equals either 2x+y or x+2y depending on what is smaller, for example, if x=1 and y=2 2x+y=2+2=4 and x+2y=1+2*2=5 therefore the function will equal 4 (the smaller of the two). x and y are preferences: a person prefers 1 unit of x and 2 units of y and the utility function equals 4 in this case.
 2 years ago
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