Andrew Bloomenthal has 20+ years of editorial experience as a financial journalist and as a financial services marketing writer. Erika Rasure is globally-recognized as a leading consumer economics ...

Why do individuals value bread less than gold, when bread seems to be more important in supporting an individual’s life than gold? To provide an answer to this question, economists refer to the law of ...

William Baumol writes in "Economics: Principles and Policy" that the total monetary utility of a collection of goods to a consumer is equal to the largest amount of money the consumer will pay in ...

It is one of the basic principles taught to students studying economics. Introduced by Lord Alfred Marshall, it forms a crux in the micro-economic level often reflected in routine, day-to-day life.

This lecture explores the concept of diminishing marginal utility, which explains how the satisfaction derived from consuming a good decreases with each additional unit consumed. The lesson uses ...