The law of diminishing marginal utility states that as a consumer consumes more and more unit of specific commodity. The utility of the specific community goes on diminishing
For example- suppose a man is hungry he goes to the market and buy one plate pani puri the first plate of pani puri give him immense pleasure show the utility of the first plate of pani puri is high if he orders a second plate the utility will be less than the first plate because he is not as hungry as he was in the first time
Economics when applied to real life sounds beautiful. this blog is for those students who are discovering the different facets of economics applications and want to share their discoveries.
Thursday, August 23, 2018
Law of diminishing marginal utility
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