What is the difference between marginal and total utility
What is the difference between marginal and total utility? Explain the income and substitution effects and use the concepts to describe what happens when the price of a product decreases.
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How does the structure of the banking industry in the U.S. compare with that found in other countries? Would this have any impact on the Federal Reserve's ability to conduct monetary policy? Why or why not? Explain
Why would an ounce of gold be priced higher than an ounce of coffee beans, even though coffee is generally considered more essential than gold? Explain the paradox in terms of marginal and total utility.
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