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What are the importance of Utility Functions in the fields of Microeconomics?
also, kindly give me some websites that can prove its importance... thank you very much! :)
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- farrukh_phdLv 41 decade agoFavorite Answer
utility function is very important in defining indifference curve and hence the demand curve. . . .
secondly it also describes the consumer behaviour in different situations relating their income and prices.
thirdly it also helps in finding allocative efficiency and pareto optimality.
Source(s): www.en.wikipedia.org/wiki/Utility www.original.britannica.com/eb/topic-620713/utility www.economist.com/research/Economics/alphabetic.cfm?term=utility www.wps.prenhall.com/bp_casefair_econf_7e/30/7934/2031145.cw/index.html www.en.wikipedia.org/wiki/Pareto_efficiency
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