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Provide an example for the concept of 'Diminishing marginal utility'. Provide the explanation (using an example) on the condition of consumer equilibrium, that is Px/Py=MUx/MUy

Provide an example for the concept of 'Diminishing marginal utility'.
Provide the explanation (using an example) on the condition of consumer equilibrium, that is Px/Py=MUx/MUy
Explain the substitution effect and income effect of decision on how much to work in labor market. (minimum 250 )

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