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Utility Function
A mathematical representation of a consumer's preference orderings over a set of goods and services.
Equivalent Variation
An economic measure of the change in income needed to maintain utility after a price change, keeping utility constant before and after the change.
Consumption
The use of goods and services by households, encompassing spending on necessities and discretionary items.
Demand Function
A mathematical representation showing the quantity of a good or service demanded at different prices.
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