Does diminishing marginal utility or indifference curve works for consumers? which of these concept works
Both diminishing marginal utility and indifference curves are concepts that work together to explain and analyze consumer behavior.
Diminishing marginal utility is the concept that as an individual consumes more units of a particular good or service, the additional satisfaction or utility derived from each additional unit decreases. This means that the more of something you consume, the less you value each additional unit. For example, the first slice of pizza may be very satisfying, but as you continue eating more slices, the satisfaction you derive from each additional slice decreases.
On the other hand, indifference curves represent the various combinations of different goods or services that give the consumer the same level of satisfaction or utility. These curves help us understand how consumers make choices between different combinations of goods. Each point on an indifference curve represents a combination of goods that provides the same level of satisfaction to the consumer. Higher indifference curves indicate higher levels of satisfaction.
So, to answer your question; both the concept of diminishing marginal utility and indifference curves work for consumers. Diminishing marginal utility explains how the satisfaction from consuming additional units of a specific good diminishes, while indifference curves help us analyze how consumers make choices between different combinations of goods based on the level of satisfaction they derive from each combination.