What is marginal utility in economics?

Answer Marginal utility is one type of utility, a concept in economics that represents the value of a particular good or service--the advantage a person gains by using or consuming it.UtilityUtility is an... Read More »

Top Q&A For: What is marginal utility in economics

What is marginal cost in economics?

Economics provides various concepts and methods for ensuring that firms operate in a cost-effective manner that maximizes profits. One such concept is that of marginal cost, an important considerat... Read More »

How to Calculate Marginal Utility?

Calculating marginal utility is an important skill in economics. Marginal utility is the utility a person gains or loses by increasing or decreasing the amount of a specific good or service. A util... Read More »

How to Maximize Utility Economics?

When discussing economics, utility refers to maximizing your satisfaction with the amount of money you have. Every rational consumer wants to maximize utility, to get the most bang for their buck. ... Read More »

What Is the Meaning of Marginal Cost?

The marginal cost is the additional cost required to produce the last unit of something. If the cost for producing 100 widgets is $1,000 and the cost of producing 101 widgets is $1020, the marginal... Read More »