Mary Jane Sudekum, Pharm.D., and Lee C. Vermeulen, M.S. Key Words: therapeutic interchange, guidelines, drug policies, drug. procedures, pharmacy and therapeutics committee, patient care, cost-effective. therapy, American College of Clinical Pharmacy, ACCP, position statement.
The law of diminishing marginal utility states that: As a consumer consumes more and more units of a specific commodity, the utility from the successive units goes on diminishing. Mr. H. Gossen, a German economist, was first to explain this law in 1854.
Law of diminishing marginal product. The observation that after some point, successive equal-sized increases in a variable factor of production, such as labor, added to fixed factors of production will result in smaller increases in output.