Describe marginal utility and diminishing marginal utility, Microeconomics

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Describe marginal utility and diminishing marginal utility

1. What assumptions about preferences imply that indifference curves have the "bowed-in" shape they are assumed to have?

2. Explain the terms marginal utility and diminishing marginal utility in your own words, using the utility function graph in your explanation.

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Microeconomics: Describe marginal utility and diminishing marginal utility

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