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What is Marginal Utility?

Utility is the method of economist for pleasure or happiness measurement through consuming a good or service. Marginal utility denotes the additional satisfaction that a consumer obtains from consuming an extra good or service assuming all other factors as constant. There are both positive marginal utility and negative marginal utility. For positive marginal utility, the consumption of additional good or service increases the total utility. For the negative marginal utility, the total utility is decreased through the consumption of the additional good or service. However, according to the law of diminishing marginal utility, an additional consumption of each unit of good or service results in  a declining marginal utility for the consumer even though the total utility increases. This is because the desire to consume an additional good or service decreases with the consumption of each additional unit of the good or service. The law of diminishing marginal utility is illustrated with the following diagram.

is illustrated with the following diagram.

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It shows that the marginal utility of apples consumed decreases with the consumption of each additional unit of apple. Thus, the marginal utility curve is diminishing as the consumption of apple increases, as shown from the figure above. At a point, the desire for any additional consumption of the product becomes zero, which is called saturation point. After this point, the utility starts declining if the product is consumed again, which is called disutility. For the law of diminishing marginal utility to hold good, the main assumptions are the following. The first assumption is that the quality of all the additional units of goods consumed needs to be the same for the law of diminishing marginal utility to hold good. The second assumption is that there needs to be continuous consumption of goods for not altering the law of diminishing marginal utility. The third assumption is the need for same mental outlook for the consumer for the law to hold good. The fourth assumption is the need for enough goods to measure utility accurately. There are exceptions for the law of diminishing marginal utility. These include the desire for money, desire for knowledge, use of liquor and  rare objects' collection. There is another law called law of equi-marginal utility which states that for getting maximum satisfaction, a rational person allocates expenditures on different goods purchases so that  the marginal utility of  the last Rs  spent in all directions is the same. Here maximum satisfaction is obtained through substitution process.

 

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