Marginal utility

 

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Marginal utility

The change in total satisfaction as a result of consuming one additional unit of a specific good or service.



Marginal utility

Similar Matches

Marginal propensity to save

Marginal propensity to save

The fraction of a change in income (or perhaps disposable income) that is saved.


Marginal product

Marginal product

In a production function, the marginal product of a factor is the increase in output due to a unit increase in the input of the factor; that is, the partial derivative of the production function with respect to the factor. In a competitive equilibrium, the equilibrium price of any factor is its marginal value product in every sector where it is employed.


Marginal value product

Marginal value product

The value of the marginal product of a factor in an industry; that is, the price of the good produced times the marginal product. Determines factor prices when all markets are competitive.


Marginal rate of substitution

Marginal rate of substitution

In a production function or a utility function, the ratio at which one argument (input) substitutes for another along an isoquant or indifference curve.


Marginal rate of transformation

Marginal rate of transformation

The increase in output of one good made possible by a one-unit decrease in the output of another, given the technology and factor endowments of a country; thus the absolute value of the slope of the transformation curve.


Further Suggestions

Marginal revenue product
Marginal revenue
Value marginal product
Marginal tax rate
marginal tax rate
Marginal efficiency of capital
Marginal
Marginal propensity
Marginal propensity to consume
Marginal cost
Marginal propensity to import


 
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