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

Businesses and their customers constantly balance costs and benefits. A customer comparing menu prices decides which meal will give him the most pleasure for the price. Business production goals must ...

Getting every advantage possible in your business is important. Using proper analytical techniques and up-to-date business theory will help your business succeed. Economic principles, especially ...

Discover the Diamond-Water Paradox—why diamonds cost more than water. Learn about subjective value and marginal utility in economic valuation.

A favorite anecdote of the late Republican President Ronald Reagan hearkened back to his Hollywood days in the 1940s and early 1950s. “When I was in the movies, I would reach the point each year when, ...