Search results
Results from the WOW.Com Content Network
Marginal considerations are considerations which concern a slight increase or diminution of the stock of anything which we possess or are considering. [4] Another way to think of the term marginal is the cost or benefit of the next unit used or consumed, for example the benefit that you might get from consuming a piece of chocolate.
At low levels of consumption, water has a much higher marginal utility than diamonds and thus is more valuable. People usually consume water at much higher levels than they do diamonds and thus the marginal utility and price of water are lower than that of diamonds.
In each group, the marginal benefit is the same, and between groups, the marginal benefit is decreasing. [ 6 ] The possibility of calculating an optimal allocation allows much more flexibility in water-sharing agreements.
A human right to water "generally rests on two justifications: the non-substitutability of drinking water ('essential for life'), and the fact that many other human rights which are explicitly recognized in the UN Conventions are predicated upon an (assumed) availability of water (e.g. the right to food)."
These marginal valuations are, formally, marginal rates of substitution relative to some reference private good, and the marginal cost is a marginal rate of transformation that describes how much of that private good it costs to produce an incremental unit of the public good. This contrasts to the social optimality condition of private goods ...
In general, men need about 125 ounces (15.6 cups) of water per day, while women need 91 ounces (11.4 cups), according to the Institute of Medicine of the National Academies.
The reservoir will be capable of storing up to 82,000 acre-feet of water, and the project will offer immense benefits for water users in our region, including local residents, farmers and wildlife ...
Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. It states that the reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water.