What's the critical concept in Jevons' marginal utility theory?
Maximum Utility
Minimum Effort
Final Utility
Utility Cost
Answer
Theory introduced the concept of "final utility" or "total utility," representing the overall satisfaction or benefit gained from consuming different quantities of a given commodity. Final utility is maximized at the point where the marginal utility of the last unit consumed is equal to its price. Jevons's theory provided a framework for analyzing how consumers derive utility from goods and make rational choices based on these subjective values.
Unlocking the Genius of William Stanley Jevons: A Voyage Through Economic Thought and Logical Mastery
More Questions
When was Jevons' influential book "The Coal Question" published?
Who described Jevons’ contribution to economics as the start of the mathematical method?
In addition to the economy, which other area did Jevons' work impact?
Which year did Jevons return to the UK after his time in Sydney?
Where did Jevons primarily develop his economic theories?
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