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October 1, 2014

Homework Help: microeconomics

Posted by snizhanna on Sunday, March 11, 2012 at 11:16am.

This week you have gone to two parties. Assume the total utility you gained from these parties is 100utils. Then you go to a third party, and your total utility rises to 110utils. What is the marginal utility of the third party attended per week? Given the law of diminishing marginal utility, what will happen to total utility and marginal utility when you go to a fourth party this week?

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