Most demand curves are downward sloping

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Q1. One point made is that most demand curves are downward sloping. Can you think of any situation where an individual's demand curve for a product is upward sloping? Elucidate.

Q2. At a customer optimum, for all goods purchased, marginal utility every dollar spent is equalized. A high school student is deciding between attending Western State University and Eastern State University. The student cannot attend both universities simultaneously. Both are fine universities, but the reputation of Western is slightly higher, as is the tuition. Use the rule of customer optimum to Elucidate

Explain how the student will go about deciding which university to attend.

Reference no: EM1317803

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