Learn how utility functions derive demand functions and their role in maximizing consumer satisfaction and economic decision making.

Marginal utility helps set product pricing; high initial satisfaction decreases with more units. Some stores use bulk pricing when consumers value additional items less. Progressive taxes assume each ...

Understand the key differences between marginal utility and marginal benefit—how they affect pricing, consumer behavior, and decision making in economics.

The law of diminishing returns is a concept of economics that every entrepreneur should understand. Also known as the law of diminishing marginal returns, this law helps entrepreneurs and economists ...