APPLICATION OF ONE CONCEPT OF ECONOMICS

APPLICATION OF ONE CONCEPT OF    ECONOMICS

Now-a-days we are very fond of marriages because of various reasons. Ladies is happy because they have chance of buying cloths, wardrobe, jeweler, cosmetics and a lot of things. Children was happy because they get new dresses and chance of playing with their friends for a long time. And gents are happy because they got chance to meet their friends to whom they didn’t meet regularly. But what is common in all of these and that is food the most attractive things in Indian marriages. If food is not good, we never consider marriage as a good celebration. We all go for purpose that we eat a lot but after taking an item we don’t feel happy with that thing and sometimes we eat less than we eat on daily basis. Why this happens?

Let take one more example: - The place where I came from Bikaner (Rajasthan), there is a sweet which is very famous in Rajasthan named Ghewar and there is complete season of that sweet and in that 2 months everyone gives only that sweet as greeting. When season starts the sale of that sweet is very high but when season is running towards end the sales starts declining because people start consuming in less quantity. Why this happens?

So, the answer of both the question is common and that is “LAW OF DIMINISHING MARGINAL UTILITY” and law says that as we keep on consuming the thing more and more our marginal utility keep on declining or in simple words we can say that every next we consume the thing we feel less satisfied compare to the previous time.