Archive | Law of Equi Marginal Utility

The below mentioned article provides a beginners’ guide to the law of equi-marginal utility. This article will help you to understand the following things:- 1. Introduction to the Law of Equi-Marginal Utility 2. Definition of the Law of Equi-Marginal Utility 3. Assumptions 4. Explanation 5. Diagrammatic Representation 6. Importance 7. Modern Interpretation of the Law. Introduction to the Law of [...]

The following points highlight the eleven major limitations of the law of equi-marginal utility. Some of the criticisms are: 1. Ignorance of the Consumer 2. Indivisibility of Commodities 3. Durability of the Goods 4. Effect of Customs and Fashions 5. Fixed Proportion of Consumption 6. Control or Rationing of Consumption Goods and Others. Equi-Marginal Utility Criticism # 1. Ignorance of [...]