1.Diminishing marginal utility refers to

1. Explain briefly the following concepts.A) Utility B) Indifference curve C) Law of diminishing marginal utility D) Budget line
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The law of diminishing marginal utility states that at some point, a person's marginal utility from additional consumption
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what is diminishing marginal utility mean?
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Write a short note on assumptions of ordinal utility approachRationality Transitivity Ordinal utility Non satiety Diminishing
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Define the term diminishing marginal utility
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1.Diminishing marginal utility refers to the fact thata. demand declines as income falls. b. additional satisfaction declines as
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2. asked by Candace
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Consumer optimum requires that consumers make purchases so for that the last dollar spent on all goods, the ratio of marginal
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Quantity of goods consumed.1 2 3 4 5 6 Total utility 0 10 16 _ 23 23 Marginal utility 0 10 4 _ 1 _ A) complete the above table
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2. asked by Winnie faith
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explain how the principle of diminishing marginal utility is related to the downward sloping demand curve?
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2. asked by AJ
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how is marginal utility found?Marginal utility is the change in total utility divided by the change in the quantity consumed of
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2. asked by Keela
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