In economics, the marginal utility of a good or service is "the perceived value from an increase in the consumption of that good or service". In other words, how much benefit do you get from using or consuming one more.  The concept of marginal utility grew out of attempts by economists to explain how individuals determine price. The term “marginal utility” is credited to the Austrian economist Friedrich von Wieser which was a translation of Wieser's term “Grenznutzen” (border-use). For years economists knew that there was some sort of interrelationship between utility and rarity that affects economic decisions, but were at odds to quantify it. In opposition to what Karl Marx might have … [Read more...]