Suppose that the utility function U(c, s) = c + 2s3 describes Molly's preferences over two goods: Carrots (c) and Spinach (s). For the following, think of Carrots as the good graphed on the horizontal axis. a. Derive an expression for her marginal utility for Carrots (U) and her marginal utility for Spinach (US) b. What is Molly's marginal rate of substitution (MRS)? Give a brief (2 sentences maximum) intuitive

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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.