In economics, utility is the satisfaction or benefit derived by consuming a product, thus the marginal utility of a good or service is the change in the utility from increase or decrease in the consumption of that good or service. Economists sometimes speak of a law of diminishing marginal utility, meaning that the first unit of consumption of a good or service yields more utility than the second and subsequent units, with a continuing reduction for greater amounts. Therefore, the fall in marginal utility as consumption increases is known as diminishing marginal utility. Mathematically, MU1>MU2>MU3......>MUn. The marginal decision rule states that a good or service should be consumed at a quantity at which the marginal utility is equal to the marginal cost.

Property Value
dbo:abstract
• In economics, utility is the satisfaction or benefit derived by consuming a product, thus the marginal utility of a good or service is the change in the utility from increase or decrease in the consumption of that good or service. Economists sometimes speak of a law of diminishing marginal utility, meaning that the first unit of consumption of a good or service yields more utility than the second and subsequent units, with a continuing reduction for greater amounts. Therefore, the fall in marginal utility as consumption increases is known as diminishing marginal utility. Mathematically, MU1>MU2>MU3......>MUn. The marginal decision rule states that a good or service should be consumed at a quantity at which the marginal utility is equal to the marginal cost. (en)
dbo:wikiPageID
• 23014670 (xsd:integer)
dbo:wikiPageRevisionID
• 743470318 (xsd:integer)
dct:subject
http://purl.org/linguistics/gold/hypernym
rdf:type
rdfs:comment
• In economics, utility is the satisfaction or benefit derived by consuming a product, thus the marginal utility of a good or service is the change in the utility from increase or decrease in the consumption of that good or service. Economists sometimes speak of a law of diminishing marginal utility, meaning that the first unit of consumption of a good or service yields more utility than the second and subsequent units, with a continuing reduction for greater amounts. Therefore, the fall in marginal utility as consumption increases is known as diminishing marginal utility. Mathematically, MU1>MU2>MU3......>MUn. The marginal decision rule states that a good or service should be consumed at a quantity at which the marginal utility is equal to the marginal cost. (en)
rdfs:label
• Marginal utility (en)
owl:sameAs
prov:wasDerivedFrom
foaf:isPrimaryTopicOf
is dbo:wikiPageDisambiguates of
is dbo:wikiPageRedirects of
is dbp:contributions of
is foaf:primaryTopic of