It is one of the basic principles taught to students studying economics. Introduced by Lord Alfred Marshall, it forms a crux in the micro-economic level often reflected in routine, day-to-day life.

Let's assume that the number of hours a student spends studying will contribute to their final grade. What would happen if the student studied for an extra hour each day? Or an extra two hours? How ...

You don't need to have studied economics to be familiar with the law of diminishing marginal utility and the idea of consumer surplus. The first has to do with the benefit consumers get from their ...