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07-12-2022
Social Studies

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Part III: Write detail answers to the following. 1. Mention at least one assumption that is common for both the cardinal and ordinal es Rational utility approaches. 2. What is meant by the marginal rate of substitution? Discuss with examples the principles of the diminishing marginal rate of substitution. 3. Explain why a consumer's equilibrium is attained when the marginal utility of a product is equal to its price?

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