In my life I recently experienced the law of diminishing marginal utility before going to explanation first lets know that marginal utility is that "The more of a good that we consume in a small time period the utility derived from an additional good is less compare to the first one".
Coming to the experience its already a month I joined in an institution far away from my home and I generally like potatoes and chapati's. During the first few days I really enjoyed the potato items in mess there I can say at that I am getting good utility from them. And slowly days are going on and my interest in potatoes also decreasing slowly one day by other.
This is because I am having potatoes 2 times everyday so, this reduces the utility that I get from them. This experience tells about the law of diminishing marginal utility in my real life.
Coming to the experience its already a month I joined in an institution far away from my home and I generally like potatoes and chapati's. During the first few days I really enjoyed the potato items in mess there I can say at that I am getting good utility from them. And slowly days are going on and my interest in potatoes also decreasing slowly one day by other.
This is because I am having potatoes 2 times everyday so, this reduces the utility that I get from them. This experience tells about the law of diminishing marginal utility in my real life.
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