The individual's utility is given by the following function: 1 1 U(x,y) = - x y a) Calculate the Marshallian demand functions for both goods. b) Determine whether x and y are gross substitutes or gross complements. Is there any asymmetry in the gross definitions? c) Without actually doing so, determine whether x and y are net substitutes or net complements. Please explain.

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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.