Learn the key differences between marginal utility and marginal value, how they impact decision-making, and why understanding both is crucial for economic analysis.

Discover the Diamond-Water Paradox—why diamonds cost more than water. Learn about subjective value and marginal utility in economic valuation.

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 ...

Giornale degli Economisti e Annali di Economia, Nuova Serie, Anno 42, No. 11/12 (Novembre-Dicembre 1983), pp. 749-768 (20 pages) The striking contemporaneous appearance of the theory of value based on ...