Marginal Utility:- Marginal Utility is the extra Utility obtained by consuming one extra unit of consumption.Marginal Utility may be measured as the difference between the Utility of total units of stock consumption of a given commodity minus that of consuming one unit less in the considered, Symbolically
MUn=TUn-TUn-1
Law of Diminishing Marginal Utility:-According to this law, other things being equal, as the quantity of commodity consumed or acquired by the consumer increases, the marginal utility of the commodity tends to diminish.
