Explain the concept of marginal utility and critically evaluate the law of diminishing marginal utility
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marginal utility refers to addition to total utility derive from consumption of additional unit of a commodity.
The law of diminishing marginal utility states that as we consume more and more of a commodity then utility derive from each successive units gets on declining .
The law of diminishing marginal utility states that as we consume more and more of a commodity then utility derive from each successive units gets on declining .
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