Solved: Describe the concepts of total utility and marginal utility, Macroeconomics

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Describe the concepts of total utility and marginal utility

Question 1: Can you please explain the concepts of total utility, marginal utility, and utility maximization.

Question 2: Can you please define diminishing marginal utility and illustrate with two real-life examples - one for a business and one for an individual?

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Macroeconomics: Describe the concepts of total utility and marginal utility

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Macroeconomics: Describe the concepts of total utility and marginal utility

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