Discover the concept of utility in microeconomics, exploring its origins, types, and applications to analyze consumer ...

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.

From a practical standpoint, the august professors were talking about the value of that last dollar, the one at the top of a potentially very high stack that you might possess. And the function for ...

Given the many and conflicting reasons why students choose their majors -- they liked an introductory course, it leads to well-paying jobs, it's something they're interested in, their parents made ...

One of the important contributions of Economics in public policy is the marginal (or extra, additional, incremental) analysis in the increase in cost and revenues, satisfaction and dissatisfaction, ...

ECON 201 covers aspects of microeconomic theory involving competitive markets. Topics include the behavior of households and firms, partial equilibrium analysis of product and factor markets, and ...