Below is an Edgeworth box of two individuals, Ross and Rosa, in the consumption of two goods, X and Y. Re Contract Ros Curve IRoss Ress

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Form Utility

The term utility in general refers to the satisfaction earned from usage of a particular product or service. Utility always plays an important role because it influences various important elements like demand & thereby the price of the good or service as well. Though utility is not easy to measure, various types of economic models can be used indirectly. There can be various types of utilities like economic utility, marginal utility, cardinal utility, form utility.