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so Jevons, Menger, and Walras
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in 1871 all came up with the idea at the same time of diminishing margin utility,
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and they said if you have people who consume multiple amounts of every commodity
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but they have diminishing marginal utility
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they're going to behave very much the same way as this little example.
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So this little example, in fact, is going to be extremely instructive.
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In fact it contains all the kernels of truth of a more general model
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where people consume huge amounts of every good.
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Just that they have diminishing marginal utility.
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So I'm going to now describe a slightly more complicated
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So I'm going to describe this more complicated model.
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So what's the way of building a much more general,