Examlex
Which of the following is based on the three principles of, individuals' value to the organization, a broad definition of human assets, and that a person's relationship with the organization must be nurtured for maximum lifetime value?
Utility Function
A mathematical representation in economics to capture the preference of consumers by assigning numerical values to different bundles of goods, indicating their level of satisfaction or happiness.
Rational Consumer
An individual who makes spending decisions to maximize their satisfaction or utility, based on their preferences and budget constraints.
Demand
The desire and ability of consumers to purchase goods and services at different prices, contributing to determining the market demand.
Utility Function
A mathematical representation of how a consumer's preferences over bundles of goods relate to their satisfaction or utility.
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