The document discusses the law of diminishing marginal utility. It states that as consumption of a good increases, the marginal utility from each additional unit decreases. This is illustrated using an example of drinking water. As a thirsty person drinks more glasses of water, the marginal utility declines from 20 units for the first glass to 12 units for the second glass, and reaches zero utility at the fifth glass. The law is based on the premises that wants are unlimited but a single want can be satisfied, goods are not perfect substitutes, and tastes do not change. Limitations of the law include its application to intoxicants, money, rare goods, and its inability to measure or estimate utility for all goods.
The law of diminishing marginal utility is a law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
Macro Economics
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Prepared by Students of University of Rajshahi
Tonmoy Halder
Shopna Akter
Bipul Chandra
Mamunur Rahaman
Siam Hossain
Jibon Rahman
The law of diminishing marginal utility is a law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Tonmoy Halder
Shopna Akter
Bipul Chandra
Mamunur Rahaman
Siam Hossain
Jibon Rahman
Budget line is a graphical representation of all possible combinations of two goods which can be purchased with given income and prices, such that the cost of each of these combinations is equal to the money income of the consumer.
An indifference curve shows combinations of goods and services between which a consumer is indifferent
In other words, each combination on an indifference curve gives the consumer the same total satisfaction
An indifference curve is normally drawn as convex to the origin
This reflects the assumption of the law of diminishing marginal satisfaction / marginal utility
I.e. as we consume extra units of something, the extra utility falls, total utility rises at a diminishing rate
Combinations of products on an indifference curve further from the origin are assumed to give greater total utility
Budget line is a graphical representation of all possible combinations of two goods which can be purchased with given income and prices, such that the cost of each of these combinations is equal to the money income of the consumer.
An indifference curve shows combinations of goods and services between which a consumer is indifferent
In other words, each combination on an indifference curve gives the consumer the same total satisfaction
An indifference curve is normally drawn as convex to the origin
This reflects the assumption of the law of diminishing marginal satisfaction / marginal utility
I.e. as we consume extra units of something, the extra utility falls, total utility rises at a diminishing rate
Combinations of products on an indifference curve further from the origin are assumed to give greater total utility
Definition of the Law:
"Other things remaining the same when a person takes successive units of a commodity, the marginal utility diminishes constantly".
The marginal utility of a commodity diminishes at the consumer gets larger quantities of it.
According to Samuelson, “As the amount consumed of a good increases, the marginal utility of the good tends to decrease.”
Total Utility: Total utility refers to the entire amount of satisfaction obtained from consuming various quantities of a commodity.
Marginal Utility: Marginal utility is the addition made to total utility by consuming one more unit of commodity
The consumer who is consuming the goods should be knowledgeable to consume every unit of goods.
The goods which are to be consumed should be equal in size and shape.
Consumer should consume the goods without time gap.
The consumer’s income, preference, taste and fashion should not be changed while consuming the goods.
utility should be measured in countable units or cardinal numbers.
As we know that money is the measuring rod of utility, being so, marginal utility of money should remain constant during consumption of the goods
income of the consumer and the price of goods and services remains unchanged during the period of consumption
The consumer who is consuming the goods should be knowledgeable to consume every unit of goods.
The goods which are to be consumed should be equal in size and shape.
Consumer should consume the goods without time gap.
The consumer’s income, preference, taste and fashion should not be changed while consuming the goods.
utility should be measured in countable units or cardinal numbers.
As we know that money is the measuring rod of utility, being so, marginal utility of money should remain constant during consumption of the goods
income of the consumer and the price of goods and services remains unchanged during the period of consumption
A global_outlook_of_economic_expansion_and_environmental_degradation-__an_emp...Marwadi University Rajkot
The study initiated with the questioning about the relation among economic growth, energy use in industries and environmental pollutants of countries in the world. This research work uses cubic function for which data collected in both time series and cross section the panel econometric models such as pooled OLS, unit root tests, co-integration, ADL models were used. This study measures the relationship between CO2 emissions, energy consumption and economic growth. The research advocates that the correlation among CO2, energy consumption and economic development in major countries of the world on both co-integration and individual cross-country results. The study also recombed on the lower time period as well as long term relation embrace environmental protection plan such as re-usable sources, greenery development as directed by United Nations Framework Convention on Climate Change and other Environmental agencies in the world and vis versa to control on carbon emissions in coming years.
Keywords: Industrial energy use, environmental pollutants, economic growth, CO2 emissions, panel data models, Environmental Kuznets Curve
Dr. Dhiresh Kulshrestha
Associate Professor of Economics
Faculty of Business Management, Marwadi University Rajkot
Prof. Sunil Kumar Jakhoria
Professor & Dean
Faculty of Business Management, Marwadi University Rajkot
Dr Dhiresh Kulshrestha Associate Professor of Economics Faculty of Business Management Marwadi University Rajkot
Prof. Sunil Jakhoria Professor & Dean, Faculty of Business Management Marwadi University Rajkot
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
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Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
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1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
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Tele-gram.
@Pi_vendor_247
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Tele-gram
@Pi_vendor_247
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1. Law of Marginal Utility
Dr. Dhiresh Kulshrestha
Associate Professor (Economics)
2. Law of Marginal Utility
Definition
• The law of diminishing marginal utility describes a familiar and
fundamental tendency of human behavior.
• “The law of diminishing marginal utility states that, “as a consumer
consumes more and more units of a specific commodity, utility from the
successive units goes on diminishing”.
3. Assumptions of the Law
• These assumptions are – Various units of goods are homogenous.
• There is no time gap between consumption of the different units.
• Consumer is rational (So aims at maximization of utility of the product)
• Tastes, preferences, and fashion remain unchanged.
• Consumers posses perfect knowledge of the price in the market
• No price change
• It assumes Law of marginal diminishing Utility
• Utilities of different commodities are independent of each other
4. Law based upon three facts
• The law of diminishing utility is based upon three facts. Firstly, The wants of a
man are unlimited but single want can be satisfied. As a man gets more and more
units of a commodity, the desire of his want for that good goes on falling.
• A point is reached when the consumer no longer wants any more units of that
good, • Secondly. Different goods are not perfect substitutes for each other in
the satisfaction of various particular wants. • Thirdly There is no change in the
tastes of the consumers
5. Example
• Explanation of the Law: Suppose a person is thirsty and the price of water is zero. He
takes one glass of water which gives him great satisfaction.
• We can say the first glass of water has great utility for him.
• He then takes second glass of water.
• The utility of the second glass of water is less than that of first glass of water.
• The utility declines because the edge of his thirst has been blunted to a great extent.
6. 2
• If he drinks third glass of water, the utility of the third glass will be less than that of second
and so on. The utility goes on diminishing with the consumption of every successive glass of
water till it drops down to zero. It is the position of consumer’s equilibrium or maximum
satisfaction. If the consumer is forced further to take a glass of water, it leads to disutility
causing total utility-to decline. The marginal utility will become negative. A rational consumer
will stop taking water at the point at which marginal utility becomes negative even if the good
is free. In short, when a good is free, a consumer increases consumption of a good so long its
additional units provide him positive marginal utility.
7.
8. Analysis of Table
• From the Previous table, It is clear that in a given span of time :-
• The first glass of water to a thirsty man gives 20 units of utility.
• When he takes second glass of water, the marginal utility goes down to 12
units
9. 2
• When he consumes fifth glass of water, the marginal utility drops down to
zero and if the consumption of water is forced further from this point, the
utility changes into disutility (–3). Here it may be noted that the utility of
the successive units consumed diminishes not because they are of inferior
in quality than that of others. We assume that all the units of a commodity
consumed are exactly alike.
11. Marginal Utility (MU)
(As per Table )
• In the above figure, OX we measure units of a commodity consumed and OY is
shown the marginal utility derived from them. The marginal utility of the first
glass of water is called initial utility.
• It is equal to 20 units. The MU of the 5 th glass of water is zero.
• It is called the satiety point. The MU of the 6 th glass of water is negative –3.
12. Marginal Utility/2
• Tie MU curve here lies below the OX axis. The utility curve MM falls
from left down to the right showing that the marginal utility of the success
units of glasses of water is falling.
• When a good is scarce and so priced the consumer will increase the
consumption of a commodity up to the extent where his marginal utility
for the good equals the price which he has to pay, i.e. Mu = P.
13. Limitations of the law
• Case of intoxicants: (Consumption of liquor defies the law for a short
period.
• The more a person drinks, the more he likes it)
Application to money. (The law equally holds good for money)
• It is true that more money the man has the more greedy)
14. 2
• Rare collections: (If there are only two diamonds in the world, the
possession of 2nd diamond will push up the marginal utility.)
• Example: collection of the rare stamps and coins
• Cardinal measurement of utility is not possible
• Every commodity is not an independent commodity
• Marginal utility can’t be estimated for all commodities
• Doesn’t explain Giffen paradox