Law of Diminishing Marginal Utility
Law of diminishing Marginal utility states that if we keep on consuming the same quantity of a product in less span of time the utility derived from consuming that product will decrease gradually
For example today I with my friends to a near by restaurant to have dinner where every one are very hungry and we kept among ourselves that who will eat more number of roti's. so with anxiety I accepted the challenge because I am felling hungry. we soon started the competition at the beginning I ate like hell. I ate 4 roti's with less number of time after that my speed reduced with each roti I some how managed to eat another 2 and I stopped eating later I realized that due to law of diminishing marginal utility Reality defeated my anxiety because after 4 roti's The marginal utility derived from consumption of each roti decreased drastically and became zero at one point of time.
No comments:
Post a Comment