What is a util?
It is an imaginary unit of satisfaction used to
illustrate the logic of choice.
It is a real unit of satisfaction that
can be measured in a person's brain waves.
It is a real unit of satisfaction but
it cannot be measured (yet).
It is a measure of how useful
something is, and can be used to separate true needs
A budget constraint:
illustrates the utility people get
tells how much debt the federal
government will have to issue.
is a relationship between price and the amount people
separates combinations of goods that are affordable
from those that are not.