Marginal analysis was the heart of early Austrian economics and was quickly adopted into mainstream economics, where it is central to modern microeconomic analysis. Amazingly, many people in business ...

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 ...

There is a significant difference between cost and revenue. While both refer to amounts of money that are intrinsic to a company's livelihood, cost and revenue represent different aspects and stages ...

Understand the link between total and marginal revenue, their differences, and how to calculate marginal revenue effectively. Learn when a company should adjust production.

The ability to consistently get accurate cost estimates for new products and parts is elusive. Cost estimates are inherently imprecise, and the underlying drivers can change daily based on the price ...

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