Examlex
Mutations
Consumption
The process by which goods and services are utilized by individuals or households to satisfy their needs and wants.
Utility Function
A mathematical representation that assigns numerical values to different bundles of goods, showing the satisfaction or utility those goods generate for a consumer.
Equivalent Variation
An economic measure of the difference in income that a consumer would require to reach the same level of utility before and after a price change.
Income
The sum of funds earned, often periodically, from employment or investment returns.
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