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
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References in periodicals archive
In the course of that notable integration of monetary theory and "micro" marginal utility theory, Mises was one of the very first to realize that subjective valuations of the consumer (and of laborers) on the market are purely ordinal, and are in no way measurable.
THE PLACE OF ECONOMIC CALCULATION IN THE ECONOMIC THEORY OF LUDWIG VON MISES
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.
Misbehaving: The Making of Behavioral Economics
The most significant issue is perhaps the 'mutation' of the self-understanding of marginal utility theory into a non-explanatory discipline.
REFLECTIONS ON NEOCLASSICAL THEORY AND THE PHILOSOPHY OF SCIENCE
(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:
Andreas Heinrich Voigt and the Hicks-Allen revolution in consumer theory
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).
Metamorphoses: the concept of labour in the history of political economy
The ascendancy of the marginal utility theory of value did not materially change this understanding.
A treatise for a new age in economic theory: review of George Reisman's Capitalism
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