Law of diminishing marginal utility

Law of Diminishing Marginal Utility

Generally, the more of a particular commodity human being possesses the less the intensity for more. Hence man’s subsequent unit, desire diminishes. The law of diminishing marginal utility was first formulated in 1854 by Hermann H. Gossen, though the name was given by Alfred Marshal and Jevons calls it Gossen’s first law. Gossen defines it …

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