QUESTION 1 (TOTAL AND MARGINAL UTILITY) 1.1 Briefly explain the term real prices.
1.2 State the Law of diminishing Marginal Utility.
1.3 Butter and margarine are substitutes in the market. Explain with the aid of
graph, the effect of an increase in price of butter on the demand of
margari
(2
1.4 Complete the table below.
Quantity/Number of
Total utility
Marginal Utilit​

Ibelieve b) recall election

Currently, as of february 2016, an american traveling in france would be by the exchange rate. the weakness of the euro and the strength of the us dollar means that items in france cost less to an american than they otherwise would. of course, if this trend reverses and the us dollar weakens and the euro strengthens, such as was happening in early 2008, an american traveling in france would have an adverse experience because items would cost relatively more.