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 ...

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.

Fact checked by Ariel Courage Reviewed by Erika Rasure What Is Utility Function? A utility function measures a consumer’s preference and satisfaction with different goods or services. As part of ...

This paper contains an analysis of how the social marginal utilities of income assigned to different persons change in response to changes in prices, the provision of public goods and other parameters ...

The American Journal of Economics and Sociology (AJES) was founded in 1941, with support from the Robert Schalkenbach Foundation, to provide a forum for continuing discussion of issues emphasized by ...