The Four Types of Economic Utiltiy

The Four Types of Economic Utility

In the field of behavioral economics we often come across the term utility. In this context, utility refers to the perceived value (i.e. usefulness) an individual receives when they purchase a good or service. There are four different types of utility: form utility, place utility, time utility, and possession utility. […]

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How to calculate a linear supply function

How to Calculate a Linear Supply Function

Supply and demand functions play a crucial role in economics. They help us analyze and understand the most fundamental economic concepts and issues (e.g. the law of supply and demand, calculating producer surplus). For the sake of simplicity, we often assume them to be linear, which makes it much easier […]

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