Question

The simple and easy defination of law of diminishing marginal utility and its explaination?

Answer 1

Heya,,,,

Law of marginal utility States that......

When more and more unit of a commodity is consumed then the marginal satisfaction driven from it tends to be reduce, negative and zero....

This show that we can't get the utility with same and continues commodity....

Answer 2

State the behaviour of total product according to this law. The law of variable proportions state that as the quantity of one factor is increased, keeping the other factors fixed, the marginal product of that factor will eventually decline.