In the utility approachexplains.

(a) Hicks & Allen, Consumer Behaviour (b) Alfred Marshall, Law of diminishing marginal utility (c) Alfred Marshall, Law of Equi Marginal Utility (d) Both (a) & (b).

Nisha
22 May
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Ameya
02 Mar

In the utility approach, Alfred marshall explains the Law of Diminishing Marginal Utility. This concept states when consumption increases, the marginal utility derived from each additional unit declines.