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Smith borrows $10 000 on a one- year loan payable that charges interest at 12% per year. He will repay the principal and interest at the end of the one- year period. Smith makes accrual adjustments and each month, he records interest expense of $1 200.
Marginal Utility
The gain in satisfaction or benefit from consuming one additional unit of a good or service.
Soft Drinks
Beverages that are non-alcoholic and typically carbonated, often containing sugar, flavorings, and acids.
Marginal Utility
The additional satisfaction or utility gained from consuming an additional unit of a good or service.
Utility Per Dollar
Represents the amount of satisfaction or pleasure received per unit of expenditure.
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