Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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explain
Transcribed Image Text:The table gives a utility schedule for Anton.
Number of
Doughnuts
1
3
4
6
Total Utility
12
33
43
50
56
60
What important property does Anton's utility exhibit?
additive utility
ignoring sunk cost
rational optimization
diminishing marginal utility
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