How is law of demand related …
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Yogita Ingle 5 years, 1 month ago
Marginal utility refers to additional utility obtained from the consumption of an additional unit of a commodity. To illustrate, if 10th unit yields satisfaction of 100 utils, while 11th unit yields satisfaction of 105 utils, then marginal utility derived from the 11 th unit is 5 utils.
Law of diminishing marginal utility states that as consumption increases, marginal utility tends to decline. It is known as fundamental psychological law.
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