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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 5, Problem 2TY
Textbook Problem
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At which level do you get greater marginal utility: 14 gallons per day or 22 gallons per day? Why?

To determine

Whether 14 gallons of water will provide greater marginal utility than 22 gallons of water or not.

Explanation of Solution

According to the law of diminishing marginal utility, the marginal utility obtained from the consumption of each successive unit diminishes.

A rational consumer would always want to maximize the utility...

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