Folder:
126 Decision Making
File:
126.005.01 Utility - Marginal Utility

Marginal Utility

"Utility" is a word for the amount of "value" that a person gets by having something. So, "marginal utility" is the amount of extra value that a person gets by having one more (or less) of those things.

"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 an increase in the consumption of that good or service."
- https://en.wikipedia.org/wiki/Marginal_utility


Tags:
  • probabilities