This is known as the law of diminishing marginal rate of substitution.
2.
This shows diminishing marginal rate of substitution of staff expenditure for discretionary profits.
3.
The curve is convex to the origin as shown assuming the consumer has a diminishing marginal rate of substitution.
4.
When indifference curves ( which are essentially graphs of instantaneous rates of substitution ) and the convexity of those curves are not taken as given, the " law " of diminishing marginal utility is invoked to explain diminishing marginal rates of substitution a willingness to accept fewer units of good or service A in substitution for B as one's holdings of A grow relative to those of B.
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