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law of diminishing marginal utility given by

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What is Marshallian theory?

The theory insists that the consumer's purchasing decision is dependent on the gainable utility of a goods or services compared to the price since the additional utility that the consumer gain must be at least as great as the price.

What is the formula for the law of diminishing marginal utility?

The marginal utility formula is the change in total utility divided by the change in total units consumed. Total utility is the sum of all marginal utilities for each unit consumed so far. The law of diminishing marginal utility is the concept that marginal utility will decrease with each additional unit consumed.

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