Utility is the satisfaction derived from the consumption of a product. Everyone gets utility from consumption of the product or from using a service. But there is a limit to that utility. We cannot get the same amount of utility every time we consume that product or use that service.
In economics, there is a Law related to this. Law of diminishing marginal utility which states that as we consume each additional unit of a product, the marginal utility derived from the product goes on diminishing.
We can see examples of diminishing marginal utility anywhere in our daily life. For example, from childhood I was very fond of the cartoon show “Pokemon”. I used to watch the show day and night, repeat telecast also. But with time, the enjoyment that I used to get from the show decreased. And now I am not very much interested in watching the show.
Another example, we love to eat cakes. Initially we enjoy to eat but when we try to eat it more and more, the enjoyment goes down and we then don't want to eat anymore. This can be applied to any food item. Here we can see the decrease in marginal utility.
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