What is Marginal Utility of Money? Why is it constant and why is it measured in terms of currency (e.g. rupee) and not utils?
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MU of money is the amount of satisfaction gained from an increase amount of money.
MU is measured in utils but mu of money is always taken in terms of currency because to compare it with the price of a commodity we need to measure it in terms of currency.
MU is measured in utils but mu of money is always taken in terms of currency because to compare it with the price of a commodity we need to measure it in terms of currency.
Anonymous:
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