Examlex
Find the standard form of the equation of the parabola with the given characteristic(s) and vertex at the origin.
Passes through the point ; vertical axis
Normal Good
A good for which demand increases as the income of consumers increases and vice versa, all else being constant.
WARP
WARP, or the Weak Axiom of Revealed Preference, is an economic principle stating that if a consumer chooses one bundle of goods over another when both are available, then they will not choose the second bundle when the first one remains available.
Perfect Complements
Goods that are always consumed together in fixed proportions because their consumption provides utility only when combined, such as left and right shoes.
Income Effect
The change in an individual's consumption choices that results from a change in their real income or purchasing power.
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