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Illustrate with Example: According to law of diminishing marginal utility, as you consume more and more units of a commodity, total utility would go on increasing, but at a diminishing rate.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Illustrate with Example: According to law of diminishing marginal utility, as you consume more and more units of a commodity, total utility would go on increasing, but at a diminishing rate.

Definition Definition Satisfaction derived from the consumption of an additional unit of any commodity.

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