Law of equi marginal utility refers " How a Consumer get Maximum Satisfaction From Various Commodities "
The Last Unit \ Penny of all the Goods Are Equal .
explain the difference between total utility and marginal utility
marginal utility is zero
marginal utility decreases
What is the difference between equi-marginal utility and diminishing marginal utility?Read more:What_is_the_difference_between_equi-marginal_utility_and_diminishing_marginal_utility
The principle of diminishing marginal utility explains the slope of the demand curve by letting us be able to see which direction the slope is in, which is always downward.
explain the demerits of diminishing marginal utility
explain the difference between total utility and marginal utility
The paradox of value is explained by the concept of marginal utility, which states that the value of a good is determined by its marginal utility rather than its total utility. For example, water has a high total utility as it is essential for life, but its marginal utility is low because in most situations there is an abundance of water. Conversely, diamonds have a low total utility but a high marginal utility due to their scarcity, leading to a higher market value despite their limited practical use.
marginal utility is zero
marginal utility decreases
What is the difference between equi-marginal utility and diminishing marginal utility?Read more:What_is_the_difference_between_equi-marginal_utility_and_diminishing_marginal_utility
Life-saving procedures
The principle of diminishing marginal utility explains the slope of the demand curve by letting us be able to see which direction the slope is in, which is always downward.
what is it marginal utility
the criticisma of the law of diminishing marginal utility
The expected marginal utility of the next unit of water is diminishing.
Marginal utility is the key concept underline demand .The height of a demand curve reflects marginal utility.The marginal utility curve resembles the demand curve. So, it is through the marginal utility we get the demand curve.