Instructor
Caris Liew
Description
In this chapter you will learn how to:
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define the meaning of total utility and marginal utility
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calculate total utility and marginal utility
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explain diminishing marginal utility
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explain the equi-marginal principle
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derive an individual demand curve
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evaluate the limitations of marginal utility and its assumptions of rational behaviour.
Curriculum
7.1.1. Definition and calculation of total utility and marginal utility
7.1.2 Diminishing marginal utility
7.1.3 The equi-marginal principle
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