Economics is an essential subject of commerce, humanities, and business administration but a complex subject as well. If you are to write an assignment on the law of diminishing marginal utility, it is better to write under the guidance of an assignment help service. They will help you define the concept better in your assignment and add good marks to your GPA.
The diminishing law of marginal utility says that the marginal utility decreases when the supply increases. In other words, when a person consumes a specific product continuously, his want for the product decreases until a time comes when he does not want to have the product anymore.
However, the law holds true only under certain conditions.
2. Homogenous products
When a single commodity of homogenous units is used or consumed by a person, the diminishing law of marginal utility applies. All products consumed should be of the same quality and weight.
It cannot work if one has both a sweet and savory product.
1. No change in taste
The law works when the consumer has no change in his taste, habits, fashion or income.
The person consumes the product continuously without any long break.