Question: Max has ( $ 3 5 ) a day to spend on windsurfing and snorkeling and he can spend as much time
Max has $ a day to spend on windsurfing and snorkeling and he can spend as much time as he likes doing them. The price of renting equipment for windsurfing is $ an hour and for snorkeling is $ an hour. The table shows the total utility Max gets from windsurfing.
Calculate Max's marginal utility from windsurfing for each quantity of windsurfing in the table and fill in the right column.
Does Max's marginal utility from snorkelling obey the principle of diminishing marginal utility?
Max's marginal utility from windsurfing obey the principle of diminishing marginal utility.
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