marginal utility

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Noun1.marginal utility - (economics) the amount that utility increases with an increase of one unit of an economic good or servicemarginal utility - (economics) the amount that utility increases with an increase of one unit of an economic good or service
economic science, economics, political economy - the branch of social science that deals with the production and distribution and consumption of goods and services and their management
utility - (economics) a measure that is to be maximized in any situation involving choice
References in periodicals archive ?
In microeconomics, the theory of the firm holds that businesses should operate to maximize profits, and in traditional economic analysis, marginal utility theory and principles of diminishing marginal utility dictate that profitability is mathematically maximized at the price and production level where marginal revenues equal marginal costs.
1953), von Mises addressed the criticism that his contemporary Karl Helfferich has raised against using marginal utility theory to explain the level of money prices:
29) This remarkable survey of the state of the art in marginal utility theory at the start of the second quarter of the twentieth century reveals Rosenstein-Rodan as a convinced ordinalist who knew and appreciated Voigt's views on the ordinal nature of utility:
The first textbook on Labor Economics by Solomon Blum in 1925 was more concerned with labour legislation, trade unions and collective bargaining than with economic matters and was highly critical of the marginal utility theory of wages (McNulty 1980: 156-159; Kaufman 1993: 84).
The ascendancy of the marginal utility theory of value did not materially change this understanding.
The 'Brief Account' first discussed the marginal utility theory of behaviour, including labour, then referred to the explanation of rent, which was followed by the theory of exchange (Jevons 1866, pp.