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1. What is law of diminishing marginal utility?
2. Find out the marginal utility for the following schedule of consuming pizza
Pizza consumed
0
1
2
3
4
5
6
7
Total Utility
20
28
34
38
40
3. Explain briefly the Utility maximizing Rule.
4. How the demand curve can be derived from the utility Maximizing Rule?
5. What is income and substitution effect?
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