1. Define and explain the relationship between total utility, marginal utility, and the law of diminishing marginal utility. 2. Describe how rational consumers maximize utility using the utility maximization rule.

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1. Define and explain the relationship between total utility, marginal utility, and the law of diminishing marginal utility.

 

 

2.  Describe how rational consumers maximize utility using the utility maximization rule.

 

 

DOES NOT HAVE A CERTAIN AMOUNT OF WORDS THE QUESTIONS JUST NEED TO BE ANSWERED ONLY.  PLEASE DO NOT WRITE A ESSAY FOR TWO QUESTIONS.

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