Examlex
How much memory does a computer with a gigabyte (GB) capacity hold?
Utility Function
A mathematical representation of how a set of goods or services provide a level of satisfaction or utility to an individual or entity.
Compensating Variation
An economic concept representing the amount of money an individual would need to reach a level of utility as before an economic change.
Income
The total earnings acquired by an individual or business from various sources including work, investments, or sales, crucial for determining spending, savings, and investment decisions.
Utility Function
Reflects the consumer's preferences, assigning values to combinations of goods and services to indicate the satisfaction gained from them.
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