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What is Law of Diminishing Marginal Utility Explained about?

This document discusses the law of diminishing marginal utility. It defines utility as the satisfaction derived from consuming goods and services, and distinguishes between total utility and marginal utility. Total utility is the sum of utility from consuming multiple units of a good, while marginal utility is the change in total utility from consuming one additional unit. The law of diminishing marginal utility states that as consumption of a good increases, the marginal utility of each additional unit dec

Author

kingsley

Language

EN