U=8 (9₁)05. +92. what are his demand functions for the two goods? Let the price of q, be p₁. let the price of q₂2 be p₂, and let income be Y. Philip's demand for q, as a function of p, and p₂ is and his demand for good q₂ is 91-0 9₂2-0 (Property format your expressions using the tools in the palette. Hover over tools to see keyboard shortcuts. Eg, a subscript can be created with the character)

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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.