Showing posts with label Statistics. Show all posts
Showing posts with label Statistics. Show all posts
Friday, 1 April 2016
Tuesday, 29 March 2016
Monday, 14 March 2016
TOTD: Law of Diminishing Marginal Utility
LAW OF DIMINISHING MARGINAL UTILITY:
A principle stating that as the quantity of a good consumed increases, eventually each additional unit of the good provides less additional utility--that is, marginal utility decreases. Each subsequent unit of a good is valued less than the previous one. The law of diminishing marginal utility helps to explain the negative slope of the demand curve and the law of demand.via amosweb
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