Describe the lower price alter the marginal utility

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Marginal and Total Utility

You go to an auction and set a maximum price of $100 you are willing to bid on an item. However, you are fortunate and purchase it for $50.

1) Does the lower price alter the marginal utility you originally placed on the item?
2) Is your potential total utility increased because of the lower price?

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Reference no: EM1331656

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