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 ...

Paul Solman: Today’s Paul Samuelson excerpt explains the concept of “consumer surplus.” See the other transcripts we posted this week on the basics of economics here and here.) To Samuelson, it was ...

Marginal utility helps set product pricing; high initial satisfaction decreases with more units. Some stores use bulk pricing when consumers value additional items less. Progressive taxes assume each ...