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Utility and Preferences

Utility and Preferences - etc Such resources are always...

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Utility and Preferences: We continuously experience a large variety of wants . The wants are unlimited and recurring . Though wants are numerous no individual can ever satisfy all of his wants since the satisfaction of wants needs some resources or means to be spent. Resources may be in the form of money, time, intelligence, physical strength, goodwill
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Unformatted text preview: etc. Such resources are always limited or scarce. Therefore every individual has to spend his resources carefully and wisely. Such behavior is called rational or economic behavior ....
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