Learn how utility functions derive demand functions and their role in maximizing consumer satisfaction and economic decision making.

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 ...

Finding the right price for your goods and services is essential to maximizing your revenues, and one of the key factors in making this determination entails using price elasticity to predict marginal ...

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 ...