Question

Write down one assumption of utility analysis.

Answer 1

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Whenever these four assumptions are satisfied, then the preferences of the individual can be represented by a well-behaved utility functionA representation of the preferences of the individual that satisfies the assumptions of completeness, monotonicity, mix-is-better, and rationality

Answer 2

Answer -

• The utility analysis is based on the cardinal concept which assumes that utility is measurable and additive like weights and lengths of goods. The consumer is rational who measures, calculates, chooses and compares the utilities of different units of the various commodities and aims at the maximisation of utility

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