Explain the law of diminishing Marginal utility and its limitations.
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Law of Diminishin Marginal utility states that as we consume more and more of a commodity then utility derive from each successive units gets on declining.
Note that this operates when in optimum state. means if a thirsty person drink a glass of water he will not satisfy with one glass he will consume more and get more utility than first one.
Note that this operates when in optimum state. means if a thirsty person drink a glass of water he will not satisfy with one glass he will consume more and get more utility than first one.
laranyaburugula:
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hmmm grade12
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explain law of diminExplain the law of diminishing Marginal utility and its limitations.
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