30 December 2010

Marginal Utility

The Austrian economists emphasize the individual's marginal utility:
in other words a person will evaluate the value of something to them.
So two people will make a deal based on differences in marginal
utilities. The end result is both gain from the deal.

Anyway, here is the concept of marginal utility in action: http://bit.ly/hvYa5h.

Brad

No comments: