Explain the Concept of Marginalism as It Is Used in Economics

question 59

Essay

Explain the concept of marginalism as it is used in economics.

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Definitions:

Western Culture

A term referring to the cultures of Europe and other countries influenced by European traditions, characterized by a heritage of artistic, philosophical, literary, and legal themes and traditions.

Cloud Gate

A public sculpture by Indian-born British artist Anish Kapoor, located in Millennium Park in Chicago, known for its mirrored, bean-shaped surface which reflects Chicago's skyline.

Richard Serra

An American artist known for his large-scale sculptures made from sheets of metal.

Reflective Surface

Any surface capable of reflecting sufficient light to produce an image of whatever is in front of it, commonly used in mirrors and some types of artworks.