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Marginal utility and total utility

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Marginal utility and total utility

When allocating a budget, we can use the concepts of marginal utility and marginal benefit to help us decide where our money is best spent. In general, we should allocate our budget towards items that will provide us with the highest marginal utility or marginal benefit. This way, we will be maximizing the satisfaction or value we receive from ...

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Marginal utility and total utility

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