What does MU stand for?

Some have collective shocks to the marginal utility of leisure.

Here the clear implication is that we are too far out on a marginal utility curve: The increase in benefit from the most recent increases in incarceration is not worth the cost.

Rowe went a step further and addressed how to decide whether to shift costs when marginal utility estimates and other relevant parameters are known.

The Law of Diminishing Marginal Utility states that as consumption of something increases, the satisfaction (marginal utility) of having that something decreases as every unit of that same thing is given to that same person.

Total and marginal utility cannot be directly observed.

If consumers value computer gadgets more than lectures in English literature, this subjective determination of value (or marginal utility, in economics lingo) will flow through the market and result in a higher demand for computer engineers than for liberal arts professors, much to the consternation of the professors.

Diminishing Marginal Utility [ILLUSTRATIONS OMITTED] A little bit of something is often nice, but getting more and more and more of the same thing isn't necessarily so nice.

Indeed, Murray Rothbard suggested that Smith's apparent labor theory of value, his four-stages theory of human history, and his failure to understand marginal utility made him an economic dunce whose faulty analyses not only set the discipline of economics back a hundred years, but also paved the way and even perhaps bears some responsibility for the human tragedies wrought by Marxism and communism.