Monday, October 22, 2007

Utility Function

I had my Intro class write down their utility functions this morning. A utility function is a bundle of goods and/or services from which you derive satisfaction. It is written as U=f(A, B, C...) or Utility is a function of A,B,C, etc. The best utility function a student provided just for the sheer variety of products is:

U=f(whiskey, beer, snuff, cheddar cheese)

I keep picturing this person sitting around with a dip of snuff, a beer in one hand and a chunk of cheese in the other.

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