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August 30, 2014

Homework Help: Microeconomics help please (urgent)

Posted by David on Wednesday, October 15, 2008 at 12:18pm.

You go to an auction and set a maximum price of $100 you are willing to bid on an item. However, you are fortunate and purchase it for $50.

1) Does the lower price alter the marginal utility you originally placed on the item?
2) Is your potential total utility increased because of the lower price?

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