Elucidate the law of diminishing marginal utility with diagram.

1.	Elucidate the law of diminishing marginal utility with diagram.
Answer» Hey there! ---------- Law of DIMINISHING marginal utility : *Law of diminishing marginal utility* states that as a consumer consumes more and of a COMMODITY, the marginal utility obtained from an ADDITIONAL UNIT of it goes on diminishing, other things remaining the same. ___________________________ Refer the ATTACHMENT for diagram. ___________________________ The schedule and diagram show that as the consumer consumes more and more of a commodity, the marginal utility goes on diminishing.

Answer»

Hey there!

----------

Law of DIMINISHING marginal utility :

Law of diminishing marginal utility states that as a consumer consumes more and of a COMMODITY, the marginal utility obtained from an ADDITIONAL UNIT of it goes on diminishing, other things remaining the same.

___________________________

Refer the ATTACHMENT for diagram.

___________________________

The schedule and diagram show that as the consumer consumes more and more of a commodity, the marginal utility goes on diminishing.

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