Definition: Utility can mean different things depending on context. In general, a utility function specifies how much something provides or achieves in terms of its utility value. Utility functions are used to assess whether one action is better than another because it maximizes utility. The most common form of an utility function is the marginal utility curve. It's a line that shows how the total satisfaction from consuming any quantity of some good changes as more of that good is consumed. The slope of this curve indicates how much of each unit of good provides a given amount of additional satisfaction, or utility. When you consume more of a good, the curve shifts upwards to show an increase in utility. Utility can also be defined by considering different quantities of goods and services available in society at any point in time. For example, if we consider two commodities A and B (which can be consumed independently), then utility is calculated as follows: Total Utility = U(A) + U(B) Where: - U(A) = total satisfaction from consuming A - U(B) = total satisfaction from consuming B The relationship between the utility of two goods or services can be expressed using a utility function, such as the Cobb-Douglas function. It shows how much one good provides in relation to another for a given amount of money spent on each. In summary, utility is a measure of how much something provides in terms of its utility value. Utility functions are used to assess the relative worth of different goods or services based on their utility values. The most common form of an utility function is the marginal utility curve, which shows how the total satisfaction from consuming any quantity of some good changes as more of that good is consumed. Utility can also be defined by considering different quantities of goods and services available in society at any point in time, and it can be expressed using a utility function. In summary, the term "utilitarian" refers to a perspective on how we should choose actions based on their overall benefits or outcomes. It's a moral philosophy that emphasizes the greatest happiness for the greatest number. The term is often used to criticize political systems and policies that prioritize short-term gains over long-term sustainability.

utilitarian