______is the idea that people make choices to maximize the overall benefit - or utility - of an action subject to its cost.

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23-08-2022
Business

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______is the idea that people make choices to maximize the overall benefit - or utility - of an action subject to its cost.

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pragyavermav1 pragyavermav1 · Answer 1 · 2022-08-29T09:23:50+02:00

Optimization is the idea that people make choices to maximize the overall benefit - or utility - of an action subject to its cost.

As a subject of economics, the application is used to model well-worth or value. Its utilization has evolved notably through the years. The term changed into delivered first of all as a degree of pleasure or happiness as part of the theory of utilitarianism by using ethical philosophers including Jeremy Bentham and John Stuart Mill.

Common utilities encompass water, sewer, electric power, gas, trash, and recycling. technology subscriptions like cable television, net, security, and contact service also can be taken into consideration as utilities. domestic utilities are much like utilities in an apartment, with one fundamental exception.

it is a measure of pleasure a man or woman gets from the consumption of commodities. In different words, it's miles a measurement of usefulness that a patron obtains from any accuracy. Software is a measure of how lots one enjoys a movie, favorite food, or other goods.

Learn more about utility here https://brainly.com/question/24922430

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