Gossen's second law
id:
gossen-s-second-law-272-9110395
title:
Gossen's second law
text:
Gossen's Second “Law”, named for Hermann Heinrich Gossen (1810–1858), is the assertion that an economic agent will allocate his or her expenditures such that the ratio of the marginal utility of each good or service to its price is equal to that for every other good or service. Formally, where U is utility x i is quantity of the i -th good or service p i is the price of the i -th good or service
brand slug:
wiki
category slug:
encyclopedia
description:
Optimize by equalizing marginal utilities
original url:
https://en.wikipedia.org/wiki/Gossen%27s_second_law
date created:
date modified:
2024-03-07T16:44:59Z
main entity:
{"identifier":"Q13224372","url":"https://www.wikidata.org/entity/Q13224372"}
image:
fields total:
13
integrity:
14