Explain about the law of diminishing marginal utility with an appropriate example.
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when a consumer conusme consume more and more unit of a commodity then marginal utility diminish it is called diminishing marginal utility.
for example. consumptation of water at particular time
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The law of diminishing marginal utility explains that as a person consumes an item or a product, the satisfaction or utility that they derive from the product wanes as they consume more and more of that product. For example, an individual might buy a certain type of chocolate for a while.
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