Question

State the
essence of law of diminishing marginal utility.​

Answer 1

The answer is given above

Answer 2

The essence of the law of diminishing marginal utility is quite simple to understand and it's working.

EXPLANATION -

It is one of the important law in the economy to understand How the consumer buy capabilities work.

The law of Diminishing utility says that the consumption of one add on a unit of the commodity leads to less satisfaction and at one point to becomes zero and starts to fall in negative measurement.

So, when we talk about the essence of the law of Diminishing utility is how the satisfaction of the consumer starts decreasing as it starting consumers every other commodity unit.

Hence, the law of Diminishing utility talks about the relationship between commodity consumption and the satisfaction derived from it.

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