How diminishing marginal utility might cause consumers

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Reference no: EM133461188

Question: A key concept in economics is utility. Review the differences between utility, marginal utility, and diminishing marginal utility and respond to the following:

Explain how diminishing marginal utility might cause consumers to switch from one good or service to another. Share an example of a time you made such a choice and explain your rationale as a consumer.
Provide an example of when diminishing marginal utility could impact the sales of your selected business. What ideas do you have to minimize this impact?

Reference no: EM133461188

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