Examlex
What type of wire is recommended for use when wiring PV systems?
Income Elasticity
A measure of how the demand for a good or service changes in response to changes in consumer income.
Homothetic Preferences
A situation in consumer theory where a consumer's preference structure can be represented by a utility function that is proportionally scalable.
Engel Curve
A graphical representation that shows the relationship between income and the demand for a good or service, keeping all other factors constant.
Utility Function
A mathematical representation of how a consumer ranks different baskets of goods according to their level of satisfaction.
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