Gossen’s First and Second Law of Human Enjoyment
In this article we will discuss about Gossen’s first and second law of human enjoyment. Gossen's First Law: It states that "The amount of one and the same enjoyment diminishes continuously as we proceed with that enjoyment without interruption, until satisfaction is reached". In modern times, this law is known as the Law of Diminishing Marginal Utility'. In other words, [...]