Difference between revisions of "Law of Diminishing Marginal Utility"

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(Added reference from Ecclesiastes.)
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The Law of Diminishing Marginal Utility states that one's [[utility]] decreases with each additional unit of a [[good]] they purchase.
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The '''Law of Diminishing Marginal Utility''' states that one's marginal [[utility]] decreases with each additional unit of a [[good]] they purchase. One may still get positive utility from increased consumption, but at a smaller (and increasingly smaller) rate.
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The Bible says, "I made me great works; I builded me houses; I planted me vineyards: I made me gardens and orchards, and I planted trees in them of all kind of fruits: I made me pools of water, to water therewith the wood that bringeth forth trees: I got me servants and maidens, and had servants born in my house; also I had great possessions of great and small cattle above all that were in Jerusalem before me: I gathered me also silver and gold, and the peculiar treasure of kings and of the provinces: I gat me men singers and women singers, and the delights of the sons of men, as musical instruments, and that of all sorts. So I was great, and increased more than all that were before me in Jerusalem: also my wisdom remained with me.
 
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"And whatsoever mine eyes desired I kept not from them, I withheld not my heart from any joy; for my heart rejoiced in all my labour: and this was my portion of all my labour. Then I looked on all the works that my hands had wrought, and on the labour that I had laboured to do: and, behold, all was vanity and vexation of spirit, and there was no profit under the sun." (Ecclesiastes 2:4-11)
 
  
 
[[Category:Economics]]
 
[[Category:Economics]]

Latest revision as of 15:45, March 18, 2010

The Law of Diminishing Marginal Utility states that one's marginal utility decreases with each additional unit of a good they purchase. One may still get positive utility from increased consumption, but at a smaller (and increasingly smaller) rate.

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