Question: Access the file UTILITY, which contains data for the utility or satisfaction (Y) a consumer derives from the consumption of a certain good as a
Access the file UTILITY, which contains data for the utility or satisfaction (Y) a consumer derives from the consumption of a certain good as a function of the number of units consumed (X). Graph the function. Based on the graph, what form of the function do you feel would best estimate the relationship? Try (1) a quadratic, (2) a reciprocal model, and (3) a lin-log model. Comment on the differences.
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