Define the law of Diminishing Marginal Utility and ‘Principle of Equ

1.	Define the law of Diminishing Marginal Utility and ‘Principle of Equi Marginal Utility’.
Answer» Law of diminishing Marginal Utility - This law states that other things remain constant as a consumer consumes more and more units of a commodity, the marginal utility derive from the successive units of that commodity tends to decrease. Principle of Equi-Marginal Utility – It states that consumer will allocate his expenditure on different goods in such a way that the utility gained from the last rupee spent on each commodity is equal.

Define the law of Diminishing Marginal Utility and ‘Principle of Equi Marginal Utility’.

Answer»

Law of diminishing Marginal Utility - This law states that other things remain constant as a consumer consumes more and more units of a commodity, the marginal utility derive from the successive units of that commodity tends to decrease.

Principle of Equi-Marginal Utility – It states that consumer will allocate his expenditure on different goods in such a way that the utility gained from the last rupee spent on each commodity is equal.

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Define the law of Diminishing Marginal Utility and ‘Principle of Equi Marginal Utility’.

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