Principles of Microeconomics / Unit 5 MIC 0404 short lesson, about 20 seconds
Utility Is Not Comparable Across People
Captions available
The idea
Utility numbers are a device. Nobody can measure satisfaction, and one person's forty is not another's. All the theory needs is that a person can rank any two bundles.
In practice
Saying which of two menus you prefer is enough; a score is not required.
Where people slip
Conclusions that survive without the numbers, such as the demand curve, are the ones the course keeps.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
Unlocks
- Nothing yet depends on this.
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