Law of DMU
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Posted by Divyanshi Divya 6 years, 7 months ago
- 3 answers
Kapil Upadhyay 6 years, 7 months ago
Yogita Ingle 6 years, 7 months ago
Law of diminishing marginal utility is also known as the fundamental law of satisfaction or Psychological law. It states that as consumer consumes more and more units of the commodity.
“As the amount consumed from a commodity increase, the utility derived by the consumer from the additional unit i.e. Marginal utility goes on decreasing” Alfred Marshall
Assumptions
- All the units of a commodity are same in terms of size, quality, design etc
- Unit of a good must be standard
- No change in taste
- No change in the price of substitute goods
- Continuity in consumption.
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Indar Sharma 6 years, 7 months ago
1Thank You