Microeconomics
Microeconomics
5th Edition
ISBN: 9781319098780
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
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Chapter 10, Problem 2QFT
To determine

Feature which highlighted Diminishing returns

Concept:

Diminishing marginal utility is the law which states that as consumer consumes more and more units of goods, the amount of satisfaction which he derives after consuming an additional unit of good, goes on decreasing.

According to the principle of diminishing marginal utility,  each successive unit of a good or service consumed adds less to the total utility than the previous unit.

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