iven Katy's utility function, she needs to give up increasing o visit one more party and remain as well off. O True O False O Unable to be determined

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A: Utility: - Utility is the satisfaction derived by any consumer by consuming a good or service.

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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.