critically evaluate the law of marginal utility

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Critically evaluate the law of marginal utility 
Answer: 
Law of diminishing marginal utility: 
According to this law, as we consume more of a good, the marginal utility declines i.e. utility 
derived from additional unit of consumption falls.  This law has following 
limitations/exceptions; 
1. Wealth; marginal utility of wealth rises with rise in wealth 
2. Knowledge; marginal utility of knowledge rises with rise in knowledge level\ 
3. Fashion article; such as expensive cars, watch etc. As we consume more of these 
products,

critically evaluate the law of marginal utility

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