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marginal utility |
Also found in: Dictionary/thesaurus, Financial, Acronyms, Wikipedia, Hutchinson | 0.07 sec. |
marginal utilityIn economics, the additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a commodity or service. The law of diminishing utility implies that utility or benefit is inversely related to the number of units already owned. For example, the marginal utility of one slice of bread offered to a family that has five slices will be great, since the family will be less hungry and the difference between five and six is proportionally significant. An extra slice offered to a family that has 30 slices will have less marginal utility, since the difference between 30 and 31 is proportionally smaller and the family's appetite may be satisfied by what it already has. The concept grew out of attempts by 19th-century economists to explain the fundamental economic reality of price. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| CSTC-A determined that the marginal utility, in terms of operational capability, derived from the last dollars spent on medical capabilities outweighed the marginal benefits derived from additional funds for equipment, operations, or training in other sectors. He notes that long-term ties linking Indian and Pakistani business and educational groups hold some promise for reconciliation, but all track-two dialogues are of marginal utility if the governments of India and Pakistan do not pay sufficient interest to these groups. The routinization of deterrence and progressive emphasis on procurement during the Cold War diminished the marginal utility of the bold creativity that emerged from RAND in the 1950s and 1960s. |
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