Marginal utility is more of a consumer satisfaction consumer get after consuming one more unit of product. It is important to understand how much a consumer can buy or consume.
Principle of diminishing of marginal utility is the more of a good obtain in specific period of a time.
The less the additional utility derived from an additional unit of good.
As the time period get shorter the marginal utility diminishes more quickly
The rate of diminishing marginal utility is also depends on individual taste and depends on consumer also.
As the consumer changes the marginal utility demand also changes. So it differs across the consumer.
As an example we can say that,
Imagine an individual having a crave for chocolate. consuming one chocolate will give his crave for chocolate the highest satisfaction.
When he takes two chocolate his satisfaction level somewhat goes down.
After taking three bar of chocolate the satisfaction level goes down.
This is how the marginal utility diminishing work.
In contrast education system has a reverse effect on marginal utility demand. It does not apply on the knowledge or education directly. As the demand of knowledge more increase and it never reduces.
Principle of diminishing of marginal utility is the more of a good obtain in specific period of a time.
The less the additional utility derived from an additional unit of good.
As the time period get shorter the marginal utility diminishes more quickly
The rate of diminishing marginal utility is also depends on individual taste and depends on consumer also.
As the consumer changes the marginal utility demand also changes. So it differs across the consumer.
As an example we can say that,
Imagine an individual having a crave for chocolate. consuming one chocolate will give his crave for chocolate the highest satisfaction.
When he takes two chocolate his satisfaction level somewhat goes down.
After taking three bar of chocolate the satisfaction level goes down.
This is how the marginal utility diminishing work.
In contrast education system has a reverse effect on marginal utility demand. It does not apply on the knowledge or education directly. As the demand of knowledge more increase and it never reduces.
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