A Utility Function

question 44

Multiple Choice

A utility function

• A) needs to measure the absolute level of happiness.
• B) needs to measure relative amounts of happiness for a single individual.
• C) helps compare the relative happiness of two separate consumers.
• D) is most useful if it can be influenced by others.
• E) measures relative happiness and income of consumers.

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Definitions:

Ratio Scale

A quantitative scale of measurement that includes a defined zero point, equal intervals, and the ability to express quantities as multiples of one another.

A Process

A sequence of measures or procedures followed to attain a specific goal.

Population

In statistics, a population refers to the entire group of individuals or instances about whom we wish to draw conclusions.

MAX(range)

It is a function used in mathematics and programming to find the largest number in a given set or range of values.