In this video lecture, first of all we have explained the meaning of the term 'utility' along with its characteristics and types, i.e. total utility and marginal utility. Further, as the video proceeds, the law of diminishing marginal utility is explained along with relevant facts.

After that the concept is clarified using a suitable example and explanation. Then, the relationship between total utility and marginal utility is provided. The video ends with discussing the assumptions of law of diminishing marginal utility.

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