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Illustrate the content in the rational consumer?
Content in the rational consumer:
a. How to spend income onto goods and services?
b. Why maximizing usefulness?
c. Why the principle of diminishing marginal utility applies to the consumption of most goods and services?
d. How to utilize marginal analysis to determine the optimal consumption bundle?
e. How decisions by individual consumers provide rise to the market demand curve
f. Income and substitution consequences
g. For a tax imposed while demand or supply, or both, is inelastic will cause a comparatively small reduce in quantity transacted and a small deadweight loss.
What is opportunity cost? Answer: Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the advantages that co
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critically evaluate the two main utility theories
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Define and explain the following economic terms: Economics, Microeconomics & Macroeconomics Positive vs. Normative Economics Law of Diminishing Marginal Utility Opport
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