Discuss Law of Diminishing Marginal Utility and provide an example of diminishing marginal utility
Question description: An important law in economics is the “Law of Diminishing Marginal Utility”. Discuss what this law is and provide an example of diminishing marginal utility you’ve encountered recently.
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One of the most prominent concepts in economics is the law of diminishing marginal utility. In this instance, the satisfaction that one gains from consuming an extra unit of a commodity is the marginal utility. According to this law, if there is an increase in units of a commodity that are consumed by a person……………………………
APA
290 words
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