A company's marginal product of labor is the number of additional products it can produce by hiring one additional worker. A company's marginal revenue product of labor is the amount of additional ...

Marginal pricing is when a business sells a product at a price that covers its manufacturing costs but not its overhead. The benefit of marginal pricing is that the lower price point increases ...

Discover the Diamond-Water Paradox—why diamonds cost more than water. Learn about subjective value and marginal utility in economic valuation.

Marginal analysis was the heart of early Austrian economics and was quickly adopted into mainstream economics, where it is central to modern microeconomic analysis. Amazingly, many people in business ...

Marginal cost is the added expense of producing one more unit. A horizontal marginal cost curve indicates consistent production costs. Businesses may aim to maintain horizontal costs to stabilize ...

Why rising marginal production costs should continue to keep oil prices above a certain threshold. Last year was a good year for oil. The price of Brent crude, the global benchmark for oil, remained ...

Understand the key differences between marginal utility and marginal benefit—how they affect pricing, consumer behavior, and decision making in economics.