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Describe a data-driven fraud detection model.
Willingness to Pay
The maximum amount an individual is prepared to spend on a good or service, indicating the value they place on it.
Profit
The financial gain achieved when the amount earned from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
Marginal Revenue
The increase in income derived from the sale of one more unit of a good or service.
Total Cost
The sum of all expenses incurred in the production of goods or services, including fixed and variable costs.
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