What is the meaning of utility in microeconomic theory

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What is the meaning of utility in microeconomic theory? In answering this question, consider the following. Why are goods that seem to harm the individual's physical or mental wellbeing placed in the utility function? Why do goods with upward-sloping demand functions (i.e. with ∂xd i/∂pi > 0) due to snob appeal possess the marginal utility that they do?

What is the signi?cance of the environment ( physical, economic, social, political, etc.) as an element in the determination of the preferences of the individual?

Reference no: EM13897795

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