Derive the law of demand from the single commodity equilibrium condition "marginal utility-price"

Derive the law of demand from the single commodity equilibrium conditi

1.	Derive the law of demand from the single commodity equilibrium condition "marginal utility-price"
Answer» Solution :Law of demand can be derived from the CONEPT of consumer EQUILIBRIUM in case of single COMMODITY as follows.we KNOW that at equilibrium,MUX = PriceNow, according to the law of diminishing marginal utility, the marginal utility derived from every additional unit of a GOOD consumed tends to decline at the same price. Consequently, for each additional unit of the good, the consumer is willing to pay a lesser price. Thus, the consumer will increase his demand only when the price falls and vice-versa. .