Andriy Blokhin has 5+ years of professional experience in public accounting, personal investing, and as a senior auditor with Ernst & Young. In microeconomics, utility represents a way to relate the ...

You don't need to have studied economics to be familiar with the law of diminishing marginal utility and the idea of consumer surplus. The first has to do with the benefit consumers get from their ...

The law of marginal utility states that customer satisfaction decreases with each unit purchased. So, the more your customers purchase, the less satisfaction they get from each additional purchase. If ...

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.

We study the dual formulation of the utility maximization problem in incomplete markets when the utility function is finitely valued on the whole real line. We extend the existing results in this ...

Paul Solman: Today’s Paul Samuelson excerpt explains the concept of “consumer surplus.” See the other transcripts we posted this week on the basics of economics here and here.) To Samuelson, it was ...

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 ...

After facing criticism for charging students exorbitant textbook fees, Professor N. Gregory Mankiw, who teaches the most enrolled course at the College, Economics 10, announced that he would donate ...

Judge on Comey Disqualification Motion Orders Prosecutor to Produce Grand Jury Proceedings She Withheld Audio By Carbonatix If you ever took a college economics class, there’s a strong likelihood that ...

Here at the Olin Business School at Washington University in St. Louis - just recently ranked the top undergraduate business program in America - it's that time of year for students to start cramming ...

What Is Bernoulli's Hypothesis? Bernoulli's Hypothesis states a person accepts risk not only on the basis of possible losses or gains, but also based upon the utility gained from the risky action ...