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1. The passage provides information about three goods: shirts ($30, marginal utility 60), sweaters ($50, marginal utility 100), and socks ($10, marginal utility 25). A rational consumer would purchase socks next, as socks have the highest marginal utility per dollar. 2. It lists four potential causes of an increase in consumption of good X: a decrease in the price of Y, a decrease in the marginal utility of Y, an increase in the marginal utility of Z, or all of the above. 3. It asks which factor would ma

Author

Jacob

Language

EN