Answers

2016-03-20T14:12:53+05:30
DEFINITION :
The additional benefit which a person derives from the given increased of his stock of a thing  diminishes with every increased in the stock that he already has                                                                                      - Alfred marshall
ASSUMPTIONS :
1) consumer is the rational man
2)cardinal measurement of utility
3)marginal utility of money remains constant
4)all utilities are independent
5)the hypothesis of independent utilities
0