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What is the overnight lending rate from one bank to another?
Pocket Money
A small amount of money given to children by parents as an allowance or for completing tasks, which can be used for personal expenses.
MU y/ Pᵧ
The ratio of the marginal utility of good Y (MUy) to its price (Pᵧ), indicating the additional satisfaction per unit of currency spent.
Maximize Utility
The economic objective of consumers to achieve the highest level of satisfaction possible from their consumption decisions, given their income and the prices of goods and services.
Marginal Utility
The additional satisfaction or benefit that a consumer derives from consuming an additional unit of a good or service.
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