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At 3 O'clock in the Morning,John Has Already Slept for 4

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At 3 o'clock in the morning,John has already slept for 4 hours.As long as his sleep continues,we can expect an increasing occurrence of


Definitions:

Budget Line

A graphical representation of all possible combinations of two goods that a consumer can afford with a given budget at prevailing prices.

Income

Money received, especially on a regular basis, from work, property, or investments.

Utility Function

A mathematical representation of a consumer's preference ordering over a set of goods or outcomes.

Consumption

The process of using goods and services to satisfy wants and needs.

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