Economics: Law of Diminishing Marginal Utility (2 questions)
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1. Which gives you greater total utility, 12 gallons of water per day or 20 gallons per day? Why?
2. At which level do you get greater marginal utility, 12 gallons per day or 20 gallons per day? Why?
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Step-by-step, neat solutions answering questions regarding the law of diminishing marginal utility are provided and fully explained.
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(1) As we consume more of a commodity, the total utility of that commodity increases. Therefore, twenty gallons of water will give us ...
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