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The type of economic theory we cover in this course originates from the neoclassical school of...

The type of economic theory we cover in this course originates from the neoclassical school of thought. The origins of this school stem from the work of Alfred Marshall (1842- 1924). Marshall's work set in motion the marginalist revolution in economic thought, and hence the neoclassical school is occasionally referred to as the marginalist school. Explain in your own words the concept of marginal (in the mathematical sense) and how it relates to the economic concepts we've been studying. Why is the concept of marginal so important in the theory of the consumer? (Hint: ∂U ∂X , ∂U ∂Y ).

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Rahul Sunny answered 8 months ago
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