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Discuss the shortcomings of utility theory

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Reference no: EM133130515

Student, examine the table below and respond to the following question as under:

Number of Patties Consumed

Total Utility ($)

Marginal Utility ($)

0

0

 

1

50

 

2

80

 

3

85

 

4

88

 

5

89

 

6

89

 

7

84

 

1. Calculate the Marginal Utility and draw the Total and Marginal Curves simultaneously.  Share your findings.

2.  Discuss the shortcomings of Utility Theory

Reference no: EM133130515

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