• LAW OF DIMINISHING MARGINAL UTILITY
    ECONOMICS

    LAW OF DIMINISHING MARGINAL UTILITY

    The law of diminishing marginal utility is based on the following consideration or assumption: “As the amount of a commodity a person possesses or consumes increases, the utility a consumer derives from successive units declines until marginal…

  • TOTAL, AVERAGE AND MARGINAL COSTS
    ECONOMICS

    TOTAL, AVERAGE AND MARGINAL COSTS

    Total cost is the total (entire or all) expenses incurred in the process of production. It is also defined as the ‘sum of total fixed cost and total variable cost’. Its Curve The combination of the Total…