Learn how utility functions derive demand functions and their role in maximizing consumer satisfaction and economic decision making.

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 ...

Understand the key differences between marginal utility and marginal benefit—how they affect pricing, consumer behavior, and ...

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 ...