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.
There is no change in the price of the product.
4. Rational consumer
The consumer is of a sane mind and in good health. He is not under the influence of drugs or alcohol.
An economic essay typer can university assignment help you understand the concept better.
6. Diversity of products
This law explained that people get bored consuming the same type and quality of products, and thus changes in pattern, packaging, and design were brought in by producers. It also emphasized that the utility of the product diminishes with more consumption. Thus variety came in with understanding the law and writing services.
7. Value theory
The theory explains that the price of a commodity falls when its supply increases. The more the number of an assignment expert available for your service, the less money he bills for your assignment.
8. Progressive taxation
The theory of progressive taxation was built on the theory of marginal utility. When the income of a person increases, the rate of his income tax increases because the value and the marginal utility of money decreases to him
To conclude, it is better to take assignment help from an expert when english essay writing an assignment on the laws of marginal utility. It is an everyday event but understanding the concept is difficult. The discussion above hopefully clears some doubt about the law, conditions, and importance of marginal utility.