| 31. | In terms of the social welfare function, the different results depend on the elasticity of marginal utility.
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| 32. | Adding another law to the books that also would be disregarded would be of extremely marginal utility.
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| 33. | Indeed, Smith himself doesn't seem to have had much truck for the diminishing marginal utility of income.
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| 34. | It brings the ideas of supply and demand, marginal utility, and costs of production into a coherent whole.
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| 35. | The pizza buffet anecdote was actually an example of what economists call the law of diminishing marginal utility.
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| 36. | Marginal consumer expenditures represent the marginal utility or additional consumer satisfaction expected by consumers as they spend money.
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| 37. | However, since water is in such large supply in the world, the marginal utility of water is low.
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| 38. | This was the first time an economist had put forward a theory of demand derived from marginal utility.
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| 39. | Consumers equalize the marginal utility ( amount of satisfaction ) of the last dollar spent on each good.
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| 40. | As the quantity of a good consumed rises, the marginal utility of the good declines for the user.
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