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Because of diminishing marginal utility,indifference curves are convex to the origin.
Exponential Probability Distribution
A statistical distribution used to model the time between events in a Poisson process, characterized by a constant rate of occurrence.
Continuous Distribution
A probability distribution in which the variable can assume an infinite number of values within a given range.
Normally Distributed Random Variable
A random variable that has its values following a normal distribution, characterized by its mean and standard deviation.
Standard Normal Random Variable
A random variable that follows a standard normal distribution.
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