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I need help with this Microenomics question please?

You go to an auction and set a maximum price of $100 you are willing to bid on an item. However, you are fortunate and purchase it for $50.

1) Does the lower price alter the marginal utility you originally placed on the item?
2) Is your potential total utility increased because of the lower price?
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Other 3 Answers to I need help with this Microenomics question please?


Posted Oct 14th, 2009 at 5:21PM
The TEXTBOOK answers can be found in your TEXTBOOK.

Answers straight off the top of my head are unlikely to get you good grades.
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Posted Oct 14th, 2009 at 5:24PM
Looks like you need help with spelling too ;-)
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Posted Oct 14th, 2009 at 5:25PM
No and yes, because you saved $50.
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