The law of diminishing marginal utility states

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"The law of diminishing marginal utility states that as an individual increases consumption of a given product within a set period of time, the utility gained from consumption eventually declines” Examine whether the statement above is TRUE or FALSE. Explain your response.

"Lean's deluxe garment bag sales increased from 4,800 units to 6,000 units in response to price drop from $30/unit to $20/unit.” Calculate arc price elasticity of this product using mid-point formula.

Reference no: EM13998664

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