April 2012

What Is The Impact Of Diminishing Marginal Returns On Labor?


In the field of economics, the term ‘marginal utility’ is used to describe the added (or diminished) benefit received by adding or subtracting one unit of consumption.  For example, if you are eating lunch, one sandwich might bring you 100 units of ‘satisfaction’.   If you have two sandwiches, your level of satisfaction might jump again […]