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17 Dec 2019
To maximize utility a consumer should allocate money income so that the:
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Elasticity of demand on all products purchased is the same.
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Marginal utility obtained from the last dollar spent on each product is the same.
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Total utility derived from each product consumed is the same.
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Marginal utility of the last unit of each product consumed is the same.
To maximize utility a consumer should allocate money income so that the:
-
Elasticity of demand on all products purchased is the same.
-
Marginal utility obtained from the last dollar spent on each product is the same.
-
Total utility derived from each product consumed is the same.
-
Marginal utility of the last unit of each product consumed is the same.
23 Jul 2023
Nestor RutherfordLv2
17 Dec 2019
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