What is law of diminishing marginal utility? Give a numerical example
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Diminishing marginal utility means when we use an object again and again it's value decrease...
For an example..
If u came running u will much for just 1 goes of water for 2 glass ull pay less n for thrd lesser thn 2 .. and so on
So the value of water was decreasing when demands decreasing...
Hope it helps
For an example..
If u came running u will much for just 1 goes of water for 2 glass ull pay less n for thrd lesser thn 2 .. and so on
So the value of water was decreasing when demands decreasing...
Hope it helps
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