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Economics
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  1. Please answer all in Microsoft word
  2. What is the relationship and significance of the Law of Diminishing Marginal Utility and consumer decision making?
  3. What is the Diamond-Water Paradox?
  4. How does the Diamond-Water Paradox relate to utility?

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Chika Ilonah
Chika IlonahLv10
28 Sep 2019
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Related questions

The statement ”As more of a good is consumed, the utility a person derives from each additional unit diminishes “ is known as the

  1. Water and diamond paradox
  2. Law of diminishing marginal utility
  3. Law of total utility
  4. Marginal utility to price ration equalization rule.

-Select a specific consumer behavior and construct that highlights the workings of marginal utility and how it affects the consumption pattern for goods and services.

-Using the Diamond-Water Paradox as a guide and two other goods of your choice, illustrate the paradox of value.

-Explain the roles total utility and marginal utility play to understand this paradox.

Select a specific consumer behavior and construct a “mini case study” that highlights the workings of marginal utility and how it affects the consumption pattern for goods and services.

● Using the Diamond-Water Paradox as a guide (refer to page 124 of the textbook) and two other goods of your choice, illustrate the paradox of value.

● Explain the roles total utility and marginal utility play to understand this paradox.

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