.'OPOFJP' ECN loo-Assignment II (15 Marks) Due Date- February 02, 11:59 PM What does marginal utility mean, what is the law of diminishing marginal utility Explain why a rational consumer does not spend all her income buying only her favourite product? Explain the relationship between the marginal utility of a product and the demand for it. If marginal utility is decreasing total utility must also be deceasing, Is this correct? \"The marginal utility a person derives from the consumption 0 a product is unrelated to its price. However, the substitution effect suggests when that when the price of one product declines it becomes more attractive to consumers, that is, its marginal utility increases. How can you reconcile these two statements? What is the relationship between AP/MP curves and AVC/MC curves? Do increasing marginal costs result from the rising wages of workers? Do firms produce where the ATC (or MC) curve is at its minimum? How could utility theory help us understand the difference between a provincial income tax and a provincial sales tax on consumer consumption patterns 10. How does utility theory differentiate a \"need\" from a \"want\"? Assignment will be marks on basis of Assignment Content (Write up) 6 Marks Examples and Research-2 Marks Presentation- 6 Marks References and Citations- 1 Marks FORMAT SPECIFICATIONS & SUBMISSION Review, revise, and edit your work. Save your Final Assignment as either a Microsoft Word document or PDF that includes the following specications: . Title page (assignment title, course code, your name, student ID, assignment due date) 1.5 line spaced & 12-point Times New Roman/Aria] font text Alignment- Justied page numbers Reference page and properly cited in-text citations that adhere to MLA or APA reference formats