Marginal utility Marginal utility refers to the addition of satisfaction to the total utility by the consumption of every additional unit of the commodity OR Marginal utility refers to the satisfaction from the last unit of consumption at a point…
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CONCEPTS OF UTILITY
Tagged with: analysis of utility, average utility, concepts of utility, marginal utility, total utility
Posted in General Economics
Posted in General Economics
THE PARADOX OF VALUE
THE PARADOX OF VALUE. Before heading for analyzing a paradoxical relation between diamond and water, let’s know how anything loses its value with its availability in abundance. Anything available excessively loses its marginal value in the world. This has been…