A utility-maximizing consumer buys so as to make MUx/MUy = Px/Py for all pairs of goods.
Utility is a concept in economics that is used to simulate worth or value. Its application has drastically changed over time. Moral philosophers like Jeremy Bentham and John Stuart Mill first used the phrase to define pleasure or happiness as a component of the utilitarianism hypothesis.
It is a gauge of how contented a person feels after consuming certain goods. It is a measurement of the utility a consumer derives from any good, in other words. A utility is a way to quantify how much a person appreciates a particular movie, dish, or product.
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