If an Individual's Preferences Can Be Illustrated Using the Concept

question 109

Essay

If an individual's preferences can be illustrated using the concept of utility, why can't individuals' utilities be compared?

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Definitions:

Bimodal

A distribution that has two different modes (peaks) which shows two prevailing groups or levels in the data.

Abnormal

Describes a deviation from what is considered to be normal or usual, often used in the context of medical conditions, psychological states, or statistical anomalies.

Symmetrical

Characterizing a shape or distribution that is evenly balanced around a center point or axis, so that the pattern on one side mirrors the pattern on the other.

Bimodal

Bimodal describes a distribution with two different modes, or peaks, in a frequency distribution chart.