In economics, the utility function measures the welfare or satisfaction of a consumer as a function of the consumption of real goods, such as food or clothing. Utility function is widely used in ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. In economics, demand is the consumer's ...

This note elaborates Suppes’ (1977, Erkenntnis Vol. 11, No. 1, pp 233-250) derivation of the logarithmic function as a consumer’s cardinal utility function on money income levels, in which the ...