Question

what is utility and assumption


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Answer 1

Answer:

Explanation:Each individual will show different preferences, which appear to be hard-wired within each individual. We can thus state that individuals' preferences are intrinsic. Any theory, which proposes to capture preferences, is, by necessity, abstraction based on certain assumptions. Utility theory is a positive theory

Answer 2

HERE IS UR ANSWER ✔️✔️

UTILITY is defined as the measure of satisfaction an individual gets from the consumption of the commodities...

whereas

ASSUMPTION is something that you assume to be the case, even without proof...

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