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Suppose that the marginal utility of four units purchased is $10 and total utility is $53.If the marginal utility of the fifth unit purchased is $7,how much is the total utility of five units?
Needed Financing
The amount of money required to fund a project, venture, or cover operational expenses not met by current revenues.
Process Innovation
The development and use of new or improved production or distribution methods.
Total Product Curve
A graphical representation showing how the total quantity of output produced by a firm varies with the quantity of a single variable input, holding other inputs constant.
Average Total Cost Curve
A graph that represents the total cost of production (fixed and variable costs combined) divided by the quantity of output produced, at various levels of output.
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