Marginal Benefits
Marginal benefits refer to the additional benefit that a person receives from consuming one more unit of a good or service. It is the incremental benefit that a person receives from consuming one more unit of a good or service. It is the additional benefit that a person receives from consuming one more unit of a good or service. It is the incremental benefit that a person receives from consuming one more unit of a good or service. It is the additional benefit that a person receives from consuming one more unit of a good or service. It is the incremental benefit that a person receives from consuming one more unit of a good or service.
History of Marginal Benefits
Marginal benefits have been studied since the early 19th century, when economists such as David Ricardo and John Stuart Mill began to explore the concept of diminishing returns. The concept of marginal benefits was further developed by Alfred Marshall in the late 19th century. Marshall argued that the marginal benefit of a good or service is determined by the amount of satisfaction that it provides to the consumer. This concept has since been used to explain consumer behavior and to analyze the effects of taxes and subsidies on the market.
Comparison of Marginal Benefits
| Good/Service | Marginal Benefit |
|---|---|
| Food | $2 |
| Clothing | $4 |
| Entertainment | $6 |
Summary
Marginal benefits refer to the additional benefit that a person receives from consuming one more unit of a good or service. It is the incremental benefit that a person receives from consuming one more unit of a good or service. The concept of marginal benefits has been studied since the early 19th century and has been used to explain consumer behavior and to analyze the effects of taxes and subsidies on the market. For more information on marginal benefits, please visit websites such as Investopedia, The Balance, and Investing Answers.
See Also
- Marginal Cost
- Marginal Utility
- Marginal Revenue
- Marginal Rate of Substitution
- Marginal Propensity to Consume
- Marginal Propensity to Save
- Marginal Productivity
- Marginal Revenue Product
- Marginal Rate of Technical Substitution
- Marginal Analysis
