TERM 1
budget constraint equation
DEFINITION 1
p1x1+ p2x2=m
TERM 2
optimal consumption means
DEFINITION 2
the finding of x1 and x2
TERM 3
marginal
utility
DEFINITION 3
find derivative, how much satisfaction i guet from consuming
goods and services.
TERM 4
budget constraints
DEFINITION 4
represent the combination of goods and services that a
consumer can purchase given current prices with his or her
income
TERM 5
normal good
DEFINITION 5
In economics, normal goods are any goods for which demand
increases when income increases and falls when income
decreases but price remains constant, i.e.
