Indicate whether each of the following examples of behavior is consistent with the utility- maximization framework of traditional economics or is better explained by concepts developed by behavioral economists. Example Some people treat $50 they earn differently from $50 they win from a lottery ticket. Some people would turn down a new, higher- paying job if it meant spending less time with their family. Some people sacrifice disposable income to help their children pay for college. about how much Consistent with the Predictions of Traditional Economic Theory More Effectively Addressed by Behavioral Economics

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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.