explain the law of diminishing marginal utility wht r its limitations
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Answer:
Limitation of diminishing marginal utility: Income, taste and habit: When income, taste and habit is changed then at that time consumer can get more satisfaction from additional unit.
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Explanation:
According to the law, when a consumer increases the consumption of a good, there is a decline in MU derived from each successive unit of that good, while keeping the consumption of other goods constant.
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