Question

The law of diminishing marginal utility can be applied to so many careers, circumstances, and choices. For example, one nursing student illustrated this by describing that when a dose of morphine is administered, pain subsides. Another larger dose may not bring about greater relief. There is a point at which a larger dose does NOT bring any additional relief to pain. In other words, an additional unit of consumption brings about diminishing marginal utility. This was an application of the law of diminishing marginal utility that I had never even considered. For this discussion board, share an example of diminishing marginal utility you have witnessed either personally or professionally.

Answer 1

Law of diminishing marginal utility with example

Law states that as consumption increases the marginal utility derived from each additional unit declines.

Example from my daily experience,

In a very cold day, i drunk one cup of coffee, it was very tasty and utility derived from that cup is very high, i have drunk second cup of coffee, it was also so tasty, and third cup of coffee also gives some utility, fourth and fifth cup of coffee gives some utility, but the level of utility goes to low level, so from this we can underatood that the level of utility will diminish as more and more quantities are conaumed.