Question

3 Explain Law of diminishing utility with criticisms
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Answer 1

Answer:

Earth is made of rocks and came into existence billions of year ago. ... However, 70% of the surface of the earth is covered by water which we see as the ocean, sea, and rivers and remaining 30% is covered by land. Like other planets earth also moves around the Sun in a fixed way called orbit.

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Answer 2

Answer:

Although the law of diminishing marginal utility is a universal law of consumer behaviour, it has been criticised on the following grounds: (i) Utility is not Measurable: The law is based on the cardinal measurement of utility. The concept of utility is a psychological concept which cannot be measured.