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4. Why do economists use a utility function to present an economic agent's preference? Is this...

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Finance

4. Why do economists use a utility function to present aneconomic agent's preference? Is this utility-based approachplausible?

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Utility Theory is based upon the individuals preferences While it is natural to think about preferences it is often more convenient to associate different numbers to different goods    See Answer
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4. Why do economists use a utility function to present aneconomic agent's preference? Is this utility-based approachplausible?

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