One of the important contributions of Economics in public policy is the marginal (or extra, additional, incremental) analysis in the increase in cost and revenues, satisfaction and dissatisfaction, ...

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.

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 ...

The law of diminishing returns is a concept of economics that every entrepreneur should understand. Also known as the law of diminishing marginal returns, this law helps entrepreneurs and economists ...