Question

Elucidate the law of diminishing marginal utility with diagram. (10 mark)​

Answer 1

Answer:

Law of Diminishing Marginal Utility (Explained With Diagram) ... It should be carefully noted that is the marginal utility and not the total utility than declines with the increase in the consumption of a good. The law of diminishing marginal utility means that the total utility increases but at a decreasing rate.