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What is the law of diminishing marginal utility ? Could you also provide a real-life instance that illustrates the concept of diminishing marginal utility? How

What is the law of diminishing marginal utility ? Could you also provide a real-life instance that illustrates the concept of diminishing marginal utility? How does a change in the price of a product cause both a substitution effect and an income effect? Explain with a real-life example. Rubrics

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