state the law of diminishing MU?
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law of diminishing MU state that as more units of a commodity are consumed.
- MU derived from every additional unit must decline.
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Answer!!
Suppose you're eating an ice-cream because you're hungry. You eat the first ice-cream. It felt amazing. You eat another ice-cream. It still felt good but not as much as it did before. You have another ice-cream. It didn't give much satisfaction.
According to the law of diminishing marginal utility, the more units of a commodity a consumer consumes, the less the satisfaction he gets after each unit, hence, the marginal utility keeps falling from additional units.
More information:-
There are 2 types of utility:-
→ Total Utility (TU)
→ Marginal Utility (MU)
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