A(n)________ is the quantification of a person's preferences with respect to certain objects such as jobs,potential mates,and ice cream flavors.
A) inverted-S function
B) utility function
C) probability weighting function
D) expected value

Question

Quizplus · Accepted Answer

A utility function is used to represent a person's preferences and their satisfaction levels with different objects or situations. It is a mathematical function that assigns a numerical value or score to each possible outcome based on the individual's preferences. The higher the score, the more desirable the outcome is for the individual. In contrast, the other options listed are not directly related to preferences or satisfaction levels.

A(n)________ Is the Quantification of a Person's Preferences with Respect