Examlex
A servant leader:
Utility Function
A mathematical representation of how a consumer ranks different bundles of goods according to the levels of satisfaction they provide.
Marginal Rate of Substitution
The rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility.
Good X
A placeholder term that can refer to any commodity or product under consideration in an economic model or context.
Good Y
Typically refers to a variable representing a particular good or service in economic models.
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