How law-diminishing marginal utility applies to consumptions

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1. Thinking of your own consumer tendencies, provide an example and explain how the law of diminishing marginal utility applies to your personal consumption patterns and how the utility-maximization rule and the income and substitution effects play a role in your shopping at the mall and grocery stores.

2. Is the law of diminishing returns impacted as a result of firms not hiring the best workers that may be available for positions within the firm or organization?

Reference no: EM13233515

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