#marginal utility

Economics Term of the Day: Marginal Utility

The satisfaction a consumer receives by consuming one more unit of some good or service. We send out a new terms every morning during the workday. Be sure to click on the (Schedule Classes on Demand) tab above if you are interested in taking classes. The first one is free.

Economics MCQs (English) 576 to 580 (Basics)

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(via Uber and dating: marginal utility and opportunity cost : Planet Money : NPR)

First lesson: Economics is not about money.

It's a way to see the world, a lens of great power and beauty. It can help us understand everything from the stock market to marriage and divorce to elections to the decisions you make in everyday life.

In today's episode, we learn to make decisions like an economist. We learn a few of the fundamental concepts of economics, then watch them in action. Our reporter applies the concept of opportunity cost to her dating life, and shrugs off the sunk cost fallacy. We put a deal for chicken nuggets to the test of marginal cost and marginal benefits, and we take Uber for a ride to cost-benefit test.

Concepts:

Opportunity cost

Sunk cost fallacy

Marginal benefit and marginal costs

Market equilibrium

Assignment:

a septon on what is passed on as modern economic theory (as I was taught in econ grad school)

      what to you (and me?) is a random walk punctuated by radicals, integrals and matrices optimizations constrained by Lagrange and other foreign sounding parameters is actually

    a peripatetic delusion!

    as one skeddadles with perspicacity to optimality and market equilibrium invoking the holy names of Wilfredo Pareto Carl…

Selfie Snapshots of an Existential Crisis :::

Do I Exist If I’m Not Screen Seen??? 

“...Selfies, when one is willing to engage with oneself only as a media object. We start taking pictures of ourselves to remove ourselves from the experience of ourselves. We mediate ourselves to become external phenomena from which we can detach ourselves. But the principle is the same: Broadcasting allows us to be audience to ourselves, because we are speaking to no one else in particular and it may as well be ourselves too...

The screen is an easy metaphor for “audience-ification” — it stands like a barrier between the watcher and what is being watched and creates a frame that seems to set the viewer outside of it. But we are pulled through and repelled by screens all the time, and the ramifications of what we see spills out beyond the frame.

Broadcasting is a mentality that one adopts toward potential perceived audiences that conveys that their attention is desired but not necessary to the message being projected. Broadcasting makes attention not a condition of communication but its outcome, its product. It alienates attention and makes it a commodity. And most of all, it has this effect on the broadcaster, who becomes self-alienated.”

Bispapers

It our common observation that when units of a commodity used continuously the lateral units give less and less satisfaction. In the beginning we have strong desire to use unit’s commodity but with the continuous use the desire for commodity to use diminishes, as the want is satisfied. When the want is satisfied utility reaches to zero and then with the excessive use of units of commodity the…