Marginal utility, the satisfaction a consumer derives from an additional unit of a good or service, typically follows a pattern of diminishing returns. This means that while the first few units ...

The law of diminishing marginal utility is a cornerstone principle in economics that explains how the satisfaction derived from consuming additional units of a good or service decreases with each ...

Andriy Blokhin has 5+ years of professional experience in public accounting, personal investing, and as a senior auditor with Ernst & Young. Erika Rasure is globally-recognized as a leading consumer ...

Why do individuals value bread less than gold, when bread seems to be more important in supporting an individual’s life than gold? To provide an answer to this question, economists refer to the law of ...

Abstract: We consider the problem of forecasting the aggregate demand of a pool of price-responsive consumers of electricity. The response of the aggregate load to price is modeled by an optimization ...

Robert Kelly is managing director of XTS Energy LLC, and has more than three decades of experience as a business executive. He is a professor of economics and has raised more than $4.5 billion in ...

The marginal product of labor is a variable used in economic theory. This variable quantifies the additional output produced by adding an additional unit of labor. The value of this variable is ...

When designing a product, a manufacturer has a duty to exercise care in selecting from among alternative product designs to reduce the foreseeable risks of harm presented in the use of the product.

Marginal utility helps set product pricing; high initial satisfaction decreases with more units. Some stores use bulk pricing when consumers value additional items less. Progressive taxes assume each ...

Google, Amazon and Microsoft are gaining influence in spaces long occupied by electric utilities. Logos of Amazon, Google and Microsoft were seemingly everywhere for several days in November at a ...

Monopolies are quite common in business. If you offer a product or service that no one else has, then you possess a monopoly. In time, competitors probably will aim to match or improve upon your ...