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Utility Theory

Anna and Mark are sitting in the library after a lecture about utility theory.

Anna: Mark, I keep hearing about utility theory. What is it exactly?

Mark: Utility theory is the study of how consumers make choices to maximize their satisfaction or happiness, which economists call utility.

Anna: How do consumers decide what to buy?

Mark: Consumers allocate their limited resources to different goods and services to get the most satisfaction.

Anna: Is utility measurable?

Mark: Not directly. Economists often use «utils» as a hypothetical unit of satisfaction to compare options.

Anna: What is the law of diminishing marginal utility?

Mark: It says that as a person consumes more of a good, the additional satisfaction from each extra unit decreases.

Anna: Can you give an example?

Mark: Sure. The first slice of pizza may bring a lot of satisfaction, but the fourth or fifth slice gives much less.

Anna: So utility theory helps explain consumer choices and demand?

Mark: Exactly! It shows how people make decisions based on preferences, income, and prices.

utility theory – теория полезности