a. Throughout this semester we have talked about the objective function that firms possess (the profit function) and which they seek to maximize. Individuals also seek to maximize an objective function, which economists refer to as a utility function (sometimes sometimes called a felicity function) which describes a person’s overall well-being as a function of a handful of inputs (whatever set of things an individual’s overall wellbeing depends upon or is increased by). Importantly, these inputs must be things that a person can do something about. That is, that through their own effort and choices, they may increase or decrease the levels of these inputs. Recall from class that we discussed that it is rare for a person to be fully aware of what their objective function is, despite is central importance as a prerequisite of rational behavior. Now that you’ve taken Econ 2010, to the best of your ability, please summarize what your current view of your own objective function (utility function) is. That is, what are you trying to maximize in your life and what factors does your personal objective function depend on?