Marginal utility describes the benefit that an economic ... While it is impossible to find out how much happiness a person derives from an extra cupcake, it is fairly straightforward to determine ...

And the function for the marginal utility of money was a simple logarithm, which looked like this: with money ($) on the x-axis and utility (U) on the y-axis. The story in the curve is ...

That, more or less, is the concept of diminishing marginal utility, a clunky economic term for when consumers feel better about buying something the first time than they do about buying it again.

Depending on the context, marginal utility and marginal value can describe the same thing. The keyword for each is "marginal;" that is, the incremental change based on the per-unit shift in a good ...