Question

Q6. Explain the concept of law of diminishing marginal utility with the help

of schedule and diagram.

And

Q14. Explain in detail the Law of variable proportion with the help of

schedule and diagram.​

Answer 1

According to the Law of Diminishing Marginal Utility, marginal utility of a good diminishes as an individual consumes more units of a good. In other words, as a consumer takes more units of a good, the extra utility or satisfaction that he derives from an extra unit of the good goes on falling

This law is also known as Law of Proportionality. Keeping other factors fixed, the law explains the production function with one factor variable. ... Therefore, when the number of one factor is increased or decreased, while other factors are constant, the proportion between the factors is altered

Answer 2

Here is your answer :-..................

1&2 photographs are of ques. 2(14) and 3 photograph is of ques. 1(6)