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From your experience, how realistic are the assumptions made in the pursuit of consumer optimisation? Which of the assumptions are more realistic / least realistic?

From your experience, how realistic are the assumptions made in the pursuit of consumer optimisation? Which of the assumptions are more realistic $/$ least realistic? $(10$ marks $)$

What is the law of diminishing marginal utility? Can you think of any realistic examples in which it may not be valid? $(10$ marks $)$

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