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Utility Analysis
An economic technique for measuring the satisfaction or benefit derived by consumers from consuming goods and services.
Indifference Curve
A graph showing different combinations of two goods that provide equal satisfaction and utility to a consumer.
Convex
In geometry and economics, convex refers to a shape or function that curves outward or has a bulging shape, often indicating a relationship where marginal effects increase over a range.
Concave
Describes a curve or surface that is curved inward, resembling the interior of a circle or sphere.
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