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Utility Function
A mathematical representation that captures the preference ranking of various bundles of goods by an individual, translating these preferences into a level of utility or satisfaction.
Income
Refers to the money received, typically on a regular basis, for work or through investments.
Price
The amount of money required to purchase a good or service.
Price
The amount of money required to purchase a good or service, often determined by factors like demand, supply, and market competition.
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