Please Define the Following Key Terms

question 70

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Leonardo da Vinci

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Definitions:

Marginal Utility

The additional satisfaction or utility gained from consuming one more unit of a good or service.

Marginal Utility

The added satisfaction a consumer gets from consuming one additional unit of a good or service.

Price Ratio

The proportionate relationship between the prices of two goods or services, indicating how many units of one good can be exchanged for one unit of another.

Marginal Utility

The extra pleasure or benefit gained by a person from consuming one more unit of a product or service.