Question

State the essence of law of diminishing marginal utility

Answer 1

Answer:

law of dimnishing marginal utility states that as the consumer consumes an additional unit of a product, the utility or the satisfaction for that product goes on decreasing and in a simple wY it can be said , the more the consumer consumes an additional unit of a commodity the lesser is the utility or satisfaction derived from that particular commodity.

Answer 2

The essence of the law of diminishing marginal utility:

• Diminishing marginal utility law states that the customer absorbs an additional unit of the product, the usefulness or satisfaction of the product continues to decline and in a basic, it can be said that the less the user consumes an additional unit of the commodity the less the usefulness or satisfaction gained from that particular commodity.
• The Principle of Diminishing Marginal Value says that everything else contributes when usage decreases the marginal utility extracted from each decrease in the incremental unit.
• The incremental value is extracted as the beneficial shift is absorbed as an extra function. The utility is an economic term used to describe satisfaction or contentment.

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