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1. Define Utility in your own words. 2. What does it mean to have diminishing marginal utility? 3. How do you calculate Marginal Utility? What

1. Define Utility in your own words. 2. What does it mean to have diminishing marginal utility? 3. How do you calculate Marginal Utility? What is the formula? 4. What is the utility maximizing rule? Describe the rule as well as state it mathematically

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