Microeconomics
Microeconomics
5th Edition
ISBN: 9781319098780
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
Question
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Chapter 10, Problem 13P
To determine

To calculate:

The price of a pair of dance shoes by considering the data

Concept Introduction:

Utility: This is the benefit or satisfaction derived from the consumption of a good or service

Marginal utility: This is the additional benefit or satisfaction derived from the consumption of an additional unit of a commodity or service

Marginal utility per dollar: This is calculated by dividing marginal utility of a good by the price of the good

Diminishing marginal utility: The diminishing marginal utility of economics says that if a person increases his consumption on a particular good while the consumption of other goods are at constant, it will result in a decrease of utility of that person if he consumes an extra additional unit of the particular commodity

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