concept of utility maximization

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  Economics also talk about utility maximization (in contrast to income maximization). In this particular case, the utility of the person that paid a higher coach price may be much higher than the person who paid the lower price.

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  constraint is pW + m1 = 10 or w + m1 = 10 as we know that the first order condition for utility maximization is U1w / p = U1m1 / 1 (1/w) /1 = 1 /1 we can solve for w = 1 then M1 = 10-w = 9 Then the utility maximization level of w is 1, and person

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• Solving Utility Maximization Problems

  The following posting helps with utility maximization problems.