Law of Diminishing Marginal Utility

Commerce / Economics

Law of Diminishing Marginal Utility: Causes, Assumptions, Criticism

by
Law of Diminishing Marginal Utility

The Law of Diminishing Marginal Utility is based on the assumption that as a consumer consumes more and more units of a commodity, its severity of want declines, due to this, the marginal utility derived from the commodity also declines.

Commerce / Economics

Utility Analysis: Definitions, Characteristics, Features, Measurement

by
Utility Analysis

ility analysis, a subset of consumer demand theory, provides insight into an understanding of market demand and forms a cornerstone of modern microeconomics.