1 The Law of Diminishing Utility: For example, I consume too many apples. Until I eat the fifth one, I start getting sick of it so the net total utility is starting to fall. I park in a car park and when I park there for 6 hours, it is getting more expensive so I prefer to leave early. Is this an example of diminishing utility?
1 The Law of Diminishing Utility: For example, I consume too many apples. Until I eat the fifth one, I start getting sick of it so the net total utility is starting to fall. I park in a car park and when I park there for 6 hours, it is getting more expensive so I prefer to leave early. Is this an example of diminishing utility?
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 1.2P
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The Law of Diminishing Utility: For example, I consume too many apples. Until I eat the fifth one, I start getting sick of it so the net total utility is starting to fall.
I park in a car park and when I park there for 6 hours, it is getting more expensive so I prefer to leave early. Is this an example of diminishing utility?
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