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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-3-utility-theory #study-session-4
If we ask a consumer to asseign a number to each bundle of course, each of these possible bundles has a specific quantity of each of the goods and services. So, we have two sets of numbers. One set consists of the pieces of paper he has laid on the bundles. The other is the set of numerical quantities of the goods that are contained in each of the respective bundles.
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3. UTILITY THEORY: MODELING PREFERENCES AND TASTES
them, he must assign the same number to both. Other than that, he is free to begin with any number he wants for the first bundle he considers. In this way, he is simply ordering the bundles according to his preferences over them. <span>Of course, each of these possible bundles has a specific quantity of each of the goods and services. So, we have two sets of numbers. One set consists of the pieces of paper he has laid on the bundles. The other is the set of numerical quantities of the goods that are contained in each of the respective bundles. Under “reasonable assumptions” (the definition of which is not necessary for us to delve into at this level), it is possible to come up with a rule that translates the quantities of goo


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