It has nothing to do with usefulness, it is a satisfaction based unit of measurement.
Marginal utility on the other hand is, in a sense, an extra utility. What is meant in economic jargon by marginal is the additional pleasure a specific good gives to a consumer.
Diminishing marginal utility is the marginal utility lessening due to the growth of consumption... displayed 300 characters
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For example, a consumer consumes a pound of fish, and his utility is 10 units, and his marginal utility is 10 units. If the same consumer consumed two pounds of fish, his utility would be 15, but his marginal utility would be 7. The same effect on marginal utility would take place if the amount consumed further increase... displayed next 300 characters
This is why it will be interesting to see how those methods compare, whether older methods will be still relevant and can they really be replaced by more contemporary techniques if those methods are alternative to each other...
The law is based on the satiability characteristic of wants. This is called the Diminishing Marginal Utility.
Here is the example, the Paradox of Diamonds and Water: The marginal utility approach implies that when one commodity is very common, and the other is very scarce, a person would have good reason to pay more for the scarce good...
Overview of Process Costing. Manufacturing costs are accumulated in processing departments in a process costing system. A processing department is any location in the organization where work is performed on a product and where materials, labor, and overhead costs are added to the product...
The fixed costs will be incurred anyway, and in the short term they should be disregarded. In making these decisions, the variable costs provide a good measure of the differential costs that need to be assessed...
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