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Question 1: Describe the relationship between total utility and marginal utility.
Question 2: Explain if marginal utility can be negative.
Question 3: Examine the diamond-water paradox. Why are diamonds more expensive than water?
Question 4: Evaluate the law of diminishing marginal utility.
Question 5: Identify some items, explaining your reasoning, that do not follow the law of diminishing marginal utility.
Question 6: Evaluate how the law of diminishing marginal utility can explain the diamond-water paradox.
Attachment:- Consumer choice.zip
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