FTP, identify this basic economics concept which is defined as the additional benefit that the consumer acquires from the purchase of an additional unit of a commodity.
The theory behind this basic concept has been augmented in the 20th century by the pioneering work in indifference analysis of Edgeworth, and its first formulation can be attributed to William Stanley Jevons. It grew out of speculations about the origins of price and the paradox of value, seen in the lesser of cost of bread than diamonds, which implied the need to consider scarcity in determinations of price. FTP, identify this basic economics concept which is defined as the additional benefit that the consumer acquires from the purchase of an additional unit of a commodity.
The theory behind this basic concept has been augmented in the 20th century by the pioneering work in indifference analysis of Edgeworth, and its first formulation can be attributed to William Stanley Jevons.
marginal utility