Question

explain the law of equi marginal utility in detail​

Answer 1

Answer:

The law states that a consumer should spend his limited income on different commodities in such a way that the last rupee spent on each commodity yield him equal marginal utility in order to get maximum satisfaction. ...

Answer 2

Answer:

The equimarginal principle states that consumers will choose a combination of goods to maximise their total utility. This will occur where. The consumer will consider both the marginal utility MU of goods and the price. In effect, the consumer is evaluating the MU/price.

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