Can you tell me about formula of utility function.? ?

A utility function is a mathematical representation of a consumer's preferences over different bundles of goods or services. It assigns a numerical value to each possible bundle of goods, representing the level of satisfaction or utility that the consumer derives from consuming that bundle.

The formula for a utility function typically takes the form U(x1, x2, ..., xn), where x1, x2, ..., xn represent the quantities of different goods or services consumed. The utility function is assumed to be increasing in each variable, meaning that more of a good is always preferred to less.

There are different types of utility functions that can be used to model consumer preferences, such as linear, Cobb-Douglas, and CES (constant elasticity of substitution) functions. Each type of utility function has its own specific mathematical form and properties.

Overall, the utility function is a key concept in microeconomics and consumer theory, as it helps economists understand and analyze how consumers make choices and allocate their resources to maximize their satisfaction.