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Find the derivative at each critical point and determine the local extreme values.
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Optimal Consumption Bundle
The blend of items and services that enhances a buyer's fulfillment to the fullest within their spending ability.
Consumption Bundle
A combination of goods and services that a consumer chooses to consume within a given time period.
Income
Funds acquired regularly as earnings from employment or investment returns.
Substitution Effect
The change in consumption patterns due to a change in relative prices, holding the consumer's utility level constant.
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