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 ...

Marginal utility helps set product pricing; high initial satisfaction decreases with more units. Some stores use bulk pricing when consumers value additional items less. Progressive taxes assume each ...

When businesses are planning how much to produce, they must pay close attention to marginal costs and marginal benefits – the incremental changes in costs and benefits that result from an increase in ...