Question

explain the law of equi marginal utility

Answer 1

In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.

In the context of cardinal utility, economists sometimes speak of a law of diminishing marginal utility, meaning that the first unit of consumption of a good or service yields more utility than the second and subsequent units, with a continuing reduction for greater amounts. Therefore, the fall in marginal utility as consumption increases is known as diminishing marginal utility. Mathematically:

MU1>MU2>MU3......>MUn...
Hope it's helps u ❤️✌️

Answer 2

_________ʜᴇʏ ᴍᴀᴛᴇ________


LAW OF EQUILIBRIUM MARGINAL UTILITY STATES THAT THE CONSUMER STRIKES HIS EQUILIBRIUM WHEN THE LAST RUPEE SPENT BY HIM GIVES HIM EQUAL MARGINAL UTILITY WHETHER HE SPENDS IT ON GOOD-X OR GOOD-Y.