A utility function is of the form utility = U(QA, QB, ... ,QN), where the variables are quantities consumed of goods A through N. We assume that no quantities are negative (some may be zero), and that holding all other quantities constant while increasing one always results in greater utility. This is referred to as the condition of [...].
Answer
non-satiation (all other things being equal, more is better than less)
A utility function is of the form utility = U(QA, QB, ... ,QN), where the variables are quantities consumed of goods A through N. We assume that no quantities are negative (some may be zero), and that holding all other quantities constant while increasing one always results in greater utility. This is referred to as the condition of [...].
A utility function is of the form utility = U(QA, QB, ... ,QN), where the variables are quantities consumed of goods A through N. We assume that no quantities are negative (some may be zero), and that holding all other quantities constant while increasing one always results in greater utility. This is referred to as the condition of [...].
Answer
non-satiation (all other things being equal, more is better than less)
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Open it tities consumed of goods A through N. We assume that no quantities are negative (some may be zero), and that holding all other quantities constant while increasing one always results in greater utility. This is referred to as the condition of <span>non-satiation.<span><body><html>
Original toplevel document (pdf)
owner: iamcfa - (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p48
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