(Answered) 1 how do economists model consumer satisfaction2 how do

Management Studies

1) How do economists model consumer satisfaction?

2) How do consumers optimize their purchasing decisions?

3) What is the diamond-water paradox?

4) Distinguish between total utility and marginal utility.

5) Explain why the law of diminishing returns takes place for all goods/services.

6) Explain the concept of consumer optimum.

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