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Marginal and Total Utility
You go to an auction and set a maximum price of $100 you are willing to bid on an item. However, you are fortunate and purchase it for $50.
1) Does the lower price alter the marginal utility you originally placed on the item?2) Is your potential total utility increased because of the lower price?
I struggling with this question can you please help me?
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The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
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