As we keep on consuming more quantity of a commodity, how does that greater consumption of a good affect total utility and marginal utility? The answer should include the impact on BOTH total and marginal utility.

What law of utility does this relate to? Give an example of the application of this law in your daily life. The example should explain how the law applies in the scenario you are talking about.

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As we consume more quantity of a commodity the impact on total utility and marginal utility can be d... View the full answer