Explain how supply and demand analysis is used to describe

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Reference no: EM1330997

Synopsis of Chapter-3 of the textbook - Economics:The Essentials

How the hypothesis of diminishing marginal utility is used to explain both the demand curve's negative slope and consumer surplus - a central concept in benefit-cost analysis;
How small user charges can generate both large resource savings and small reductions in household utility; and
How supply and demand analysis is used to determine the extent to which taxes can be passed on to others.

Reference no: EM1330997

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