Law of Diminishing Marginal Utility

1. The law of diminishing marginal utility expresses the universal human experience.
2. ...}
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Concept of Total, Marginal and Average Utility

1. Utility may be defined as the power of commodity or services which satisfies the...}
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Law of Substitutions Or Equi-Marginal Utility

According to Marshall "If a person has a thing, which he can put to several...}

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Consumers Surplus

1. The concept of consumer surplus was introduced by A.J. Dupit in 1844.
2. Alfred Marsh...}
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