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10 cards from this deck
Acting to maximise utility/satisfaction from goods consumed
Satisfaction/economic welfare from consuming a good or service
Additional satisfaction from consuming one more unit of a good
Each extra unit consumed gives progressively less satisfaction
Where marginal utility is zero and total utility is maximised
Water (vital) cheap; diamonds (ornamental) expensive
Limit on choices from limited income and given prices
Consumer who cannot influence the market prices they pay
MU=PMU = PMU=P (marginal utility equals price)
Inferring consumer preferences from observing actual purchases
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