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(Step-by-Step) Complete the following table and answer the questions below: At which rate is total utility increasing: a constant rate, a decreasing rate,

Question: Complete the following table and answer the questions below:

  1. At which rate is total utility increasing: a constant rate, a decreasing rate, or an increasing rate? How do you know?
  2. "A rational consumer will purchase only 1 unit of the product represented by these data, since that amount maximizes marginal utility." Do you agree? Explain why or why not.
  3. "It is possible that a rational consumer will not purchase any units of the product represented by these data." Do you agree? Explain why or why not.

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Solution: The downloadable solution consists of 2 pages
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