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angela210793

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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  1. sheg
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    angela see this pdf i feel it would help you

    • one year ago
  2. angela210793
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    i know what they are called in albanian i just wanted to know the name in english actually :)

    • one year ago
  3. mahmit2012
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    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
  4. mahmit2012
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    |dw:1336860962595:dw|

    • one year ago
  5. vaboro
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    @sheg where is your pdf from?

    • one year ago
  6. vaboro
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    @angela210793 the various values of x and y are the preferences

    • one year ago
  7. vaboro
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    the question that bothers me is how one measures utility, or, in other words how to derive the utility function?

    • one year ago
  8. vaboro
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    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
  9. angela210793
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    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
  10. vaboro
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    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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