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pe here to search Short Answer Questions | (PICK 3 of 5) (90 points) Show all your work for full credit 1. Consumers' choice: Utility
pe here to search Short Answer Questions | (PICK 3 of 5) (90 points) Show all your work for full credit 1. Consumers' choice: Utility Explain with your own words the concept of decreasing marginal utility. (10 Point b. Did you ever experience decreasing marginal utility for any consumption good in your personal life? Please name one example (5 Points) elsups C. How would an indifference curve for food and clothes look like, if both goods are characterized by decreasing marginal utility? Please draw a graph and label it correctly (15 Points)
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