1.Using the video on consumer choice explain in clear terms the meaning of Marginal Utility and Total utility. Generate graphs of both and explain the differences. 2. Using graph , explain indifference curve and the concept of MRS.
1.Using the video on consumer choice explain in clear terms the meaning of Marginal Utility and Total utility. Generate graphs of both and explain the differences. 2. Using graph , explain indifference curve and the concept of MRS.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1.Using the video on consumer choice explain in clear terms the meaning of
Generate graphs of both and explain the differences.
2. Using graph , explain indifference curve and the concept of MRS.
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