Explain the role of utility maximization in consumer choice

1.       Explain the role of utility maximization in consumer choice, and use the concept of price elasticity of demand.

2.       Explain the role of cost minimization in producer decisions, and use the concept of price elasticity of supply

3.       Explain the incidence of a tax.

4.       Diminishing marginal utility means that (LO6A-1) a) marginal utility falls as consumption increases. b) marginal utility gets smaller over time. c) utility falls as consumption increases. d) utility gets smaller over time.

Solution:

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