It is one of the basic principles taught to students studying economics. Introduced by Lord Alfred Marshall, it forms a crux in the micro-economic level often reflected in routine, day-to-day life.

If you’re shopping for a new dishwasher, you might be thrilled to save a few hundred bucks on a model you like during a big sale. But there’s almost no chance that you would buy the same dishwasher ...

A utility function measures a consumer’s preference and satisfaction with different goods or services. As part of rational choice theory, it helps economists analyze how consumers make decisions to ...

You don't need to have studied economics to be familiar with the law of diminishing marginal utility and the idea of consumer surplus. The first has to do with the benefit consumers get from their ...

One of the important contributions of Economics in public policy is the marginal (or extra, additional, incremental) analysis in the increase in cost and revenues, satisfaction and dissatisfaction, ...

This is not an argument for more quantitative easing, or QE3, as it would inevitably be called. Instead, this is about the logic of the argument for more quantitative easing. It is intended as a ...

THE father of consumer choice theory, Alfred Marshall, believed that the more of something you have the less of it you want: a phenomenon economists call diminishing marginal utility. However this was ...