Economics

Cardinal Utility Analysis

The Law of Diminishing Marginal Utility (DMU) Introduction: H.H.Gossen, an Austrian Economist was the first to formulate this law in Economics in 1854. Therefore, Jevons called this law as “Gossen’s First Law of Consumption”.But credit goes to Marshall, because he perfected this law on the basis of Cardinal Analysis. This law is based on the […]