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Q. 2- Critical Thinking Questions

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Economics Today
Found in: Page 449

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Short Answer

What does Michel's experience imply about the idea of computing levels of utility derived from consumption and contrasting these utilities across individuals? Explain.

Utility computing allows clients to obtain computing resources on-demand and on a pay-per-use basis.

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Step by Step Solution

Step1: Introduction.

Utility computing is a model in which computing resources are provided to customers on a demand basis. Instead of a flat rate, the service provider charges only for the services provided.

Step2: Computing levels of utility derived from consumption. 

A utility function is a representation that defines individual preferences for goods or services that are not explicitly monetary in value. In other words, it is a relative calculation of how much someone desires something.

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