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If you buy a burger and fries at your favorite fast food restaurant,
Utility Function
A rephrased definition: A tool in economics to quantify an individual's satisfaction from consuming different bundles of goods and services.
Price
The sum of money needed to buy a product or service.
Utility Function
A mathematical representation expressing an individual's preference ordering over a set of goods and services, showing the level of satisfaction or utility derived from various bundles of goods.
Indifference Curves
A graph representing combinations of goods among which a consumer is indifferent, used in microeconomics to analyze consumer preferences and decision-making.
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