In economics, the law of diminishing of marginal utility states when the marginal utility of a good or services declines, the supply increases. The economists have devoted various successive units of goods and services towards less valued services and products. This law of diminishing marginal utility also defines another economic phenomenon called time preference. All these important phenomena of this subject are no doubt interesting to read, but it requires thorough understanding that can be done under the guidance of a subject-matter specialist. To cater to this need, the law of diminishing marginal utility homework help has come up.
What is the meaning of utility?
The law of economics is concerned with the issues of supply and demand of products. The economics researchers have established the fact that people make choices about purchasing various goods and services that best cater their self-interest.
Well, you must be wondering how economists measure someone’s self-interests. This is the place where the law marginal utility comes into existence. To define it briefly, we can cite an example here; utility is basically a satisfaction that a person gains from eating a piece of chocolate cake. Different people gain a different level of satisfaction from eating a piece of chocolate cake. So, it mainly depends on their preferences.
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What are the assumptions associated with the law of marginal utility?
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