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Suppse a consumer utility derived from consuming banana is described by the function U=10X+3X^2-(1/3)X^3. Compute marginal utility.

a. Make a table showing total and marginal utility for X from 0 to 7 units.

b. Would this individual ever choose to consume more than 7 units? Explain.

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9499543

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