Describe the law of diminishing marginal utility. On what assumptions is this law based? Use diminishing marginal

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Describe the law of diminishing marginal utility. On what assumptions is this law based?
Use diminishing marginal utility to explain why millionaires often do not have many homes, even if they can afford it.
Explain the three characteristics of utility.
What is the difference between total utility and marginal utility?
Can marginal utility be negative? Briefly explain with an example.
Fill in the following table on the total and marginal utilities of a product A. Also answer the questions
Total Utility Units of Marginal Utility ice (in units) (in units) cream 2 3 4 5
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Economics

ISBN: 978-1285738321

12th edition

Authors: Roger A. Arnold

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