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

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shegBest ResponseYou've already chosen the best response.0
angela see this pdf i feel it would help you
 one year ago

angela210793Best 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 :)
 one year ago

mahmit2012Best 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.
 one year ago

mahmit2012Best ResponseYou've already chosen the best response.0
dw:1336860962595:dw
 one year ago

vaboroBest ResponseYou've already chosen the best response.0
@sheg where is your pdf from?
 one year ago

vaboroBest ResponseYou've already chosen the best response.0
@angela210793 the various values of x and y are the preferences
 one year ago

vaboroBest 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?
 one year ago

vaboroBest 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.
 one year ago

angela210793Best 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}
 one year ago

vaboroBest 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.
 one year ago
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