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diminishing marginal utility in consumption and diminishing returns in production

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Is there a parallel between diminishing marginal utility in consumption and diminishing returns in production? and if so, what would be some possible similarities.

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Yes, there can be drawn a parallel between diminishing marginal utility in consumption and that in production in some situations. Imagine that a particular state in the United States suffers from a very severe drought this year - so much so, that the available ...

Solution Summary

A comparison of diminishing marginal utility in consumption and diminishing returns in production is drawn.

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