These are very pertinent criticisms; but they do not make nearly as much nonsense of the notion of marginal utility as may seem at first.
And the increment of utility which she derives from buying this marginal pound we call the "marginal utility" of sugar to her.
In truth, Professor Davenport is not far wrong when he asserts that "the general understanding of Austrian theory has come to be that it explains market value by marginal utility, and resolves market value into marginal utility.
The term "marginal utility" of a good, therefore, does not refer merely to the demand of the consumer; for it expresses by a single phrase the idea both of demand and of supply.
Marginal utility is the gratification afforded by the added portion of the good.
Goods of the lowest grades, having no marginal utility, are free goods.
Doctrine so far in accord with main current of economic opinion 12-14 Causal theory of value new: marginal utility, labor theory, etc.
This optimistic conviction is a matter of presumption, of course; but it is universally held to be true by hedonistic economists, particularly by those who cultivate the doctrines of marginal utility.
The above list will hopefully provide you with a few useful examples demonstrating the appropriate usage of "marginal utility" in a variety of sentences. We hope that you will now be able to make sentences using this group of words.
