diminishing marginal utility
Diminishing Marginal Utility
The field of microeconomics, often concentrates on human psychology and behavior of mankind regarding consumption and spending. Diminishing marginal utility, is one such excellent hypothesis and conception, that is applicable to a majority of goods and services that are used by us.
- Total Utility: It basically denotes the amount of utility that is derived by the consumer from all the stages of consumption, and it goes on increasing after successive consumption of units.
- Marginal Utility: It is more relative, as it indicates the utility that is derived upon the time-bound successive consumption of congruent units.
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