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Explain the law of demand

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Reference no: EM133252248

Utility: A father has five possible uses for hot dogs today:

Eat a hot dog himself, which would give him $5 marginal utility

Feed a hot dog to his son, which would give him $3 marginal utility

Feed a hot dog to his daughter, which would give him $4 marginal utility

Feed a hot dog to his dog, which would give him $1 marginal utility

Feed a hot dog to his best friend, which would give him $2 marginal utility

Explain how this example is consistent with the Law of Demand. (It may help to use your answer from the previous question.)

Reference no: EM133252248

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