Learn how diminishing marginal returns differ from returns to scale, impacting production efficiency and output changes with ...

Discover Hotelling's Theory, which explains how owners of nonrenewable resources decide whether to extract and sell based on future price predictions and interest rates.

Getting every advantage possible in your business is important. Using proper analytical techniques and up-to-date business theory will help your business succeed. Economic principles, especially ...

Marginal analysis was the heart of early Austrian economics and was quickly adopted into mainstream economics, where it is central to modern microeconomic analysis. Amazingly, many people in business ...

Contrary to understandings that treat ethical considerations and economic thinking as separate if not antagonistic issues, we advocate a holistic view that links business ethics to consequentialist ...

Most economists subscribe to a belief in “positive economics,” which means that economic theory flows from economic data. Thus, all theory can be tested for ...

At the heart of economics lies a deceptively simple idea that shapes everything from market strategy to personal growth: marginal value theory. Those who adhere to it insist that when making decisions ...