difference between law of DMU law of Equi marginal utility? 6 points [6 marks]
Dear Prachi, in this question you can write the assumptions, exceptions and examples of 'Law of Diminishing Marginal Utility' and 'Law of Equi-Marginal Utility' to distinguish one from the other. This topic is explained in detail in our study material. You can refer to the same following the below mentioned path.
Chapter-2 (named as 'Theory of Consumer Behaviour')- Lesson-1 (named as 'Cardinal Approach and Utility Analysis, Total Utility and Marginal Utility')-under the topics 'Law of Diminishing Marginal Utility' and 'Consumer's Equilibrium in Case of Many Commodities- Two Goods Case'
Chapter-2 (named as 'Theory of Consumer Behaviour')- Lesson-1 (named as 'Cardinal Approach and Utility Analysis, Total Utility and Marginal Utility')-under the topics 'Law of Diminishing Marginal Utility' and 'Consumer's Equilibrium in Case of Many Commodities- Two Goods Case'