Question

Write down one limitation of equimarginal utility law.

Answer 1

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No Change in Tastes: There should be no change in the tastes, habits, customs, fashions and income of the consumer. A change in any one of them will increase rather than diminish utility.

Answer 2

Limitations of the Law of Equimarginal Utility: The following are the main exception. (i) Ignorance: ... Thus, ignorance may prevent him from making a rational use of money. Hence, his satisfaction may not be the maximum, because the marginal utilities from his expenditure cannot be equalised due to ignorance