Law of Diminishing Marginal Utility Assignment Answers
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Law of Diminishing Marginal Utility: At A Glance
Economics as a subject deals with a very important topic or term popularly known as the Law of Diminishing Marginal Utility. This is one of the crucial and basic principles related to the taste and preferences of the consumers. According to the economists like Marshall and others, whenever a particular commodity is consumed at a higher degree by a consumer keeping the consumption of other products static, the desire of consumption of that specific commodity also decreases. A point eventually comes when a consumer no longer desires that product. Here are some of the pointers that state this topic more vividly.
- According to this law, other things remaining the same, like money, income, tastes and preferences, prices of commodities, the more one consumes a good, this marginal utility or MU will eventually decline.
- The rate of decline might not be uniform for all the commodities.
- Marginal utility also means the change in total utility following the change in the consumption of the commodity.
- This law still appears to be an empirical one.
There are few assumptions behind this law.
- The utility derived from a product or commodity is inevitably measurable.
- Marginal utility derived from a product or commodity tends to and is expected to diminish.
- Marginal utility of money remains constant.
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