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