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 ...

Marginalism eventually found a foothold by way of the work of three economists, Jevons in England, Menger in Austria, and Walras in Switzerland. Anne Robert Jacques Turgot, in Réflexions sur la ...

Consumer behavior is the actions and decisions that people or households make when they choose, buy, use, and dispose of a product or service. Many psychological, sociological, and cultural elements ...

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 ...

**Consumption Possibilities are all the goods and services that a consumer can afford to buy given an income and good or service. Budget Line = a line that marks the boundary between those ...

Some writers, while admitting the validity of the law of diminishing marginal utility for all other goods, deny its application to money. Thus, for example, a man may allocate each ounce of money to ...

A utility function measures a consumer’s preference and satisfaction with different goods or services. As part of rational choice theory, it helps economists analyze how consumers make decisions to ...