Examlex
A water tank is in the shape of a sphere of radius 10 feet. The tank is supported on a metal circle 8 feet below the center of the sphere, as shown in the figure. Find the radius of the metal circle
Indifference Curve
A graph showing different combinations of two goods that give the consumer equal satisfaction and utility.
Marginal Rate
Marginal rate commonly refers to the change in one variable relative to a unit change in another, such as in taxation or interest.
Substitution
The economic principle stating that as prices rise or consumer preferences change, individuals substitute one good or service for another.
Utility Function
A mathematical representation of how different combinations of goods or services generate levels of happiness or satisfaction to the consumer.
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