In this article we will discuss about:- 1. Meaning and Definition of Marginal Utility 2. Salient Features of Marginal Utility 3. Kinds 4. Measurement. Meaning and Definition of Marginal Utility: Utility is defined as the want satisfying power of a commodity or service. When a commodity is consumed the want of a person is satisfied. […]
Marginal Utility: Meaning and Features | Commodities | Microeconomics
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Law of Equi-Marginal Utility | Microeconomics
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In this article we will discuss about:- 1. Definitions of the Law of Equi-Marginal Utility 2. Explanation of the Law of Equi-Marginal Utility 3. Scope and Importance 4. Assumptions 5. Limitations. Contents: Definitions of the Law of Equi-Marginal Utility Explanation of the Law of Equi-Marginal Utility Scope and Importance of the Law of Proportionality Assumptions […]
Law of Diminishing Marginal Utility | Microeconomics
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In this article we will discuss about:- 1. Definition of the Law of Diminishing Marginal Utility 2. Explanation of the Law of Diminishing Marginal Utility 3. Causes 4. Assumptions 5. Exceptions 6. Importance 7. Criticisms. Contents: Definition of the Law of Diminishing Marginal Utility Explanation of the Law of Diminishing Marginal Utility Causes of the […]