An important law in economics is called the "Law of Diminishing Marginal Utility".

Discuss what this law is andgive an example of diminishing marginal utility you've encountered recently.

Do not use food- or drink-related examples. Come up with something from other spheres of your personal or professional life.

Marginal change in Total utility TUy- Tun, AU Utiry change in No. of units consumed. Utility - amount of satisfaction we get " after consumption of a commodity Marginal - Additional Satisfaction after consuming utility 1 extra commodity Diminishing MU I As we consume more of product, the satisfaction p derived from it waves reduces