Explain the mathematical formula used, Microeconomics

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Explain the mathematical formula used

Problem

Regarding utility maximization, what is meant by the application of the "Equimarginal Rule" and it's relevance to the marginal principle ? Discuss the concepts of utility (total & marginal), budget constraints and affordability. Explain the mathematical formula used in describing the Equimarginal rule?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Explain the mathematical formula used

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