Question

Define Utility. Explain law of diminishing marginal utility (with Assumption, Schedule and Curve)​

Answer 1

Answer:

The Law Of Diminishing Marginal Utility states that, all else equal, as consumption increases, the marginal utility derived from each additional unit declines. Marginal utility is derived as the change in utility as an additional unit is consumed. Utility is an economic term used to represent satisfaction or happiness.