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5. a. Describe the main features of monopolistic market. b. What is the law of diminishing marginal utility? Explain the relationship between 5 total utility
5. a. Describe the main features of monopolistic market. b. What is the law of diminishing marginal utility? Explain the relationship between 5 total utility and marginal utility according to the law of diminishing marginal utility. c. Samuelson maximizes his utility by spending his entire income of $29 on video 3.5 games and cards. The price of video games is $4, and he buys 2 games. The marginal utility from the last card he buys is 42. The table represents Samuelson's marginal utility from each good. Marginal utility Quantity Video Games Cards 45 70 28 54 16 42 4 10 16 Required: i. Calculate the price of a card using the condition that Samuelson's marginal utilities per dollar are equal. ii. What is Samuelson's total utility
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