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"Cardinal" utility is the idea of measuring economic value through imaginary units, known as "utils." Marginal utility is the utility gained by consuming an additional unit of a service or good.

In economics, the law of diminishing marginal utility states that the added benefit of consuming more of a product or service declines as its consumption increases.

That, more or less, is the concept of diminishing marginal utility, a clunky economic term for when consumers feel better about buying something the first time than they do about buying it again.

Discover how the economic concepts of marginal utility, ordinal preferences and indifference curves generate a unique way to think about consumer theory.

Marginal utility is an economic theory borne out of a need to explain the "paradox of value." Economists used the theory of marginal utility to explain why diamonds were so expensive and bread wasn't.

The Law of Diminishing Marginal Utility 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 ...

The pricing function has organically evolved to take advantage of the marginal utility of money.

An economics professor offers a counterargument to the marginal-utility case for progressive taxation.

If marginal utility were a sufficient account of prices, it could explain both the difference in unit prices and the parity of aggregate prices for gold and other commodities.