Question

to get a sense of the other people experience, we observe what people actually do, assuming that, as rational individuals, they're doing what gives them most utility.

Answer 1

We observe what people actually do to acquire a sense of the utility they experience, presuming that they are rational individuals doing what provides them the most utility.

What exactly utility and rationality goes hand-in-hand?

The utility is an economic phrase that refers to an individual's ability to satisfy his or her demands. It quantified the joy or satisfaction derived from the intake of any good. Because humans are logical, utility is related to deliberate activity. People seek products because they meet their needs. The utility of a commodity refers to its ability to satisfy wants. It is also described as the property of an item that satisfies the desires of consumers. Utility is a subjective concept that exists only in the minds of men. The increased satisfaction that comes from possessing one more unit of an item or service is known as marginal utility. Economists utilize the notion of marginal utility to determine how much of a product people are willing to buy. Progressive taxation are frequently justified by the rule of diminishing marginal utility.

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