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Explain the law of Equi-Marginal Utility.
Explain the law of Equi-Marginal Utility.
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The law of equi-marginal utility is an extension of the law of DMU. It states that with the limited that a person has, he aims to spend it on different commodities and earn maximum and equal satisfaction from them. He should such a combination of goods so that the utility derived from the last unit of the goods are the same.
The law of equi-marginal utility is an extension of the law of DMU. It states that with the limited that a person has, he aims to spend it on different commodities and earn maximum and equal satisfaction from them. He should such a combination of goods so that the utility derived from the last unit of the goods are the same.
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