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Utility can be represented through sets of indifference curve, which are level curves of the function itself and which plot the combination of commodities that an individual would accept to maintain a given level of satisfaction. Combining indifference curves with budget constraints allows for individual demand curves derivation. The utility definition in economics is derived from the concept of usefulness. An economic good yields utility to the extent to which it’s useful for satisfying a consumer\u2019s want or need. Various schools of thought differ as to how to model economic utility and measure the usefulness of a good or service.<\/p>\n<\/p>\n