Examlex
Considering the chart below, what is the probability that if you select one person at random that they have committed a violent crime and were under 20 years of age?
Rational Consumer
An economic concept of a consumer who consistently seeks to maximize utility or satisfaction from goods and services within their budget constraint.
Utility
A measure of satisfaction, usefulness, or value that an individual receives from consuming a good or service.
Level of Satisfaction
The degree to which needs, desires, or expectations are fulfilled or gratified.
Marginal Utility
The change in satisfaction or utility received by consuming one additional unit of a good or service.
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