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The law of diminishing marginal utility states that as you consume more of something, the satisfaction you get from each additional unit decreases. For example, the first slice of pizza is great, but by the 3rd, you enjoy it less. This explains why people are willing to pay more for the first few units of something, but less as they consume more.

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Exceptions to the Law of Diminishing Marginal Utility 

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Exceptions to the Law of Diminishing Marginal Utility 

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This law states that as a person consumes more and more units of a good, the satisfaction from each extra unit decreases. This law applies in most cases, but not in some situations. For example, in addiction cases, those suffering from an addiction may seek the increasing satisfaction from additional units, this is because the person often has an emotional attachment or dependence. Another example is skill-building and learning, as a person learns they may seek additional knowledge, as it may increase the usefulness of the task. The last example is when the first units are too small to satisfy a need. For example, a few small sips of water mean nothing when someone is dying of thirst.

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The law of diminishing marginal utility 

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The law of diminishing marginal utility 

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There are many things that push against the law of diminishing marginal utility such as the important things in life such and food, water and shelter. But is also can be things that are addicitve and are made so you always want more so in this case there is no diminshing value as they will always demand more of that item.

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Some likes collecting / buying old fishing books. The more and more old fishing books he buys the greater satisfaction he may get (.his collection is getting more valuable/ he is thinking his books are becoming more valuable because he might building catalogs etc etc)

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The law of diminishing marginal utility says that the satisfaction we get from consuming more of something tends to decrease over time. But there are exceptions. For instance, if someone collects stamps, each new stamp might bring them more joy than the last because they're different. Also, some luxury items become more desirable as their prices increase, which goes against the usual pattern. So, while this law helps us understand how people make choices, it's not always the whole story.

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you can't get sick of something that keeps you alive such as clothing, housing, food and water

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The law of diminishing marginal utility usually applies, but it might not hold true in cases like addiction or with rare, highly desirable items or experiences.

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For individuals with hobbies surrounding collections such as coins, stamps and other rare items, the tempt and therefore excitement of further collections will grow.

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Wi-Fi and internet connection, I never get sick of my phone being in service or connected to Wi-Fi.

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In some circumstances, the Law of Diminishing Utility may be less powerful. Such as if you were building savings for your children any additional money would be appreciated but still lose value after each unit. The only case where this law wouldn't apply at all is with addictive substances you can build a resistance to, such as drugs.

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Addictive goods: In the case of addictive goods, such as cigarettes or drugs, the consumption of additional units may actually increase the utility derived from the previous units consumed

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Because if one day we have all have everything then it will be diminished.

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Maybe contentness, the more content you get maybe always be positive and never diminish.

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Breathing, as you need to keep on breathing to survive therefor there would be no diminishing marginal utility in the long term.

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Knowledge doesn't have diminishing utility as the more knowledge you can the more smarter you become and who doesn't want to become smart?

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this directly relates to the concept of diminishing prices. As the utility of a product decreases as its consumption increases, consumers are willing to pay smaller dollar amounts for more of the product. For example, assume an individual pays $100 for a vacuum cleaner. Because he has little value for a second vacuum cleaner, the same individual is willing to pay only $20 for a second vacuum cleaner.

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In the scenario that, perhaps, you are working to build a healthy inheritance for your children, surplus money will not begin to lose value overtime, as it further secures the safety net for people you hold dear.

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If you have 1 pizza you will get enjoyment out of it. However if you have 10 pizzas you’re most likely going to be full after 1 or 2, therefore not enjoying having 10.

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if we all have something then no one will want it anymore because it has become less special. (drug users?)

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I never get sick of breathing or being healthy. Necessity and needs that keep me alive never diminish in their marginal utility.

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There are some situations where marginal utility does not happen. These includes family, clean air and sewage, this is because we rely on these things everyday.

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It may not hold true when things

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The way that i see it, a situation where a diminishing marginal utility is not relevant is within products or services that are a necessity or something that simply "everyone does". This idea falls into stores like hair dresses or supermarkets as everyone needs these items to either survive or to look presentable. However, a counter argument to this may be that it doesn't apply as consumers will eventually become bored or sick of a particular food or hair style and try a different approach. This is true however when in perspective of specifically the supermarket or hair dresser (rather then the farmers or manufactures of a specific hair gel for a loose example) the diminishing marginal utility still doesn't apply as even though the consumers have moved onto a different product the store will still accommodate for this change as there is more food and there are more hair styles. This means that even though the utility of one product has decreased the store will still not loose profit from the new change. The only semi major problem that the supermarkets may face is that they now will have t change the stock that is now diminished.
- Jack
Thought-provoking comments Jack. Could the hairdresser scenario reflect short-run MU curves? Is being loved a valued an exception to the diminishing MU law? Do factors that influence dd also affect our MU -hence the change over time? Interesting perspective Jack.
WM

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I think in these situations people mostly stick with the law of diminishing marginal utility but in some cases I think people forget or mess up what their wants and needs are.
Say someone was a fashion model and spent money on their wants like new clothes instead of their needs like food. This I think comes down to their priorities and what they think will influence them personally.
I think that the law does hold true for most but it also depends on what they choose to make a priority.
-Emily
(not sure if this is completely correct as an example)
Hi Emily, you nailed it and using an example like this supports your answer effectively. WM

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From what I gathered from the TED Talk is that after having enough water, the man would gather as many diamonds as he could possibly carry. I believe that extremely valuable items, such as a diamond will be will be always taken because money is something that everyone wants more of. I'm sure even Jeff Bezos  would pick up a diamond if it were on the ground in front of him - Sean
Sharp-witted as usual Sean, always thinking outside the square! How much is a Covid-19 vaccine worth? WM