The law of diminishing marginal utility shows the general behaviour.According to this law,if the units of commodity increase with a consumer the utility abtained from each additional units of the commodity will decrease respectively .When such utility decrease only the marginal utility decrease not the total utility .Thus,according to the law of diminishing marginal utility ,the total; utility increase at a deareasing rate.
human wants and necessities are unlimited ,however ,among these unlimited wants some of the wants can be fulfilled with in a specified time.the credit for discussing the law of diminishing marginal utility for the first timer goes to Henry Gossen", thus,this law is also 
known as the first law of Gossen.According to Gossen", as the consumer acquires more units of a commodity and as he reacher closer to satisfaction a level ,the unsatisfied level will decrease .
known as the first law of Gossen.According to Gossen", as the consumer acquires more units of a commodity and as he reacher closer to satisfaction a level ,the unsatisfied level will decrease .According to Marshall",The additional benifit which a person derives from a given increase in the stock of a things diminishes ,other things being
No comments:
Post a Comment