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Identify/define and explain the significance of the following: July Ordinances.
MU/P Ratio
The ratio of marginal utility (MU) to price (P), used to determine the optimal consumption point where consumer satisfaction per unit of cost is maximized.
Marginal Utility
The heightened benefit received from using one more unit of a good or service.
Marginal Utility Per Dollar
The additional satisfaction obtained from spending one more dollar on a good or service.
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