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Please explain the law of diminishing …

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Please explain the law of diminishing marginal utility

Posted by Siya Dhingra 5 years, 4 months ago

CBSE > Class 11 > Economics

1 answers

Dhruv Gupta 5 years, 4 months ago

According to the law of diminishing marginal utility the utility derived from consuming the first unit of a commodity is maximum and then subsequently it decreases as we consume more and more unit of a commodity, as a result the marginal utility (change in total utility÷change in units consumed) keeps on decreasing and in no case it can increase until and unless assumption taken into consideration are changed.

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