CONSTRAINED UTILITY MAXIMIZATION: The process or goal of obtaining the highest possible level of utility, under given restrictions, when the highest overall level of utility cannot be reached. You might want to check out the utility maximization entry. While the generic notion of utility maximization as the unrestricted pursuit of utility is important to the study of economics and consumer demand theory, it's probably less important to every day decisions than the notion of constrained utility maximization. We seldom achieve the maximize utility outright, but must do the best we can under assorted constraints and restrictions. See budget constraint.

     See also | utility | utility maximization | consumer demand theory | budget constraint |

CONSTRAINED UTILITY MAXIMIZATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 20, 2024].

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A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays a key role in marginal productivity theory and the economic analysis of factor markets.

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