Jane has utility function over her net income as follows: U(I) = I ^ 2 Assume that Jane's time present parameter beta = 0.6 and future discount factor delta = 0.9 . When I'm offering her $50 in three months instead of $10 right now , then what is her decision? Refuse Accept

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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.