Get The Law Of Diminishing Marginal Utility Graph PNG. The concept of diminishing marginal utility can be well understood below where we have plotted the marginal utility curve or line for the above example on a graph rare or antique collection: This law postulates that as an individual consumes additional units of a.

Explain The Law Of Diminishing Marginal Utility With The Help Of Table And Diagram Brainly In from hi-static.z-dn.net

This law postulates that as an individual consumes additional units of a. In economics utility is defined as the power or capacity of a commodity to satisfy human need thus marginal utility of a good or service is the benefit gained from consuming one addition unit. This principle is illustrated in the graph below.

If we were to represent the law of diminishing marginal utility using a graph, it would look like the figure below.

In economics, utility is the satisfaction or benefit derived by consuming a product; (redirected from diminishing marginal utility). Thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service. The consumer who is consuming the goods should be logical and to hold the law good, utility should be measured in countable units or cardinal numbers.