Marginal utilityIn economics, utility refers to the satisfaction or benefit that consumers derive from consuming a product or service. Marginal utility, on the other hand, describes the change in pleasure or satisfaction resulting from an increase or decrease in consumption of one unit of a good or service. Marginal utility can be positive, negative, or zero. For example, when eating pizza, the second piece brings more satisfaction than the first, indicating positive marginal utility.
UtilityAs a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a consumer's ordinal preferences over a choice set, but is not necessarily comparable across consumers or possessing a cardinal interpretation.
All-or-none lawIn physiology, the all-or-none law (sometimes the all-or-none principle or all-or-nothing law) is the principle that if a single nerve fibre is stimulated, it will always give a maximal response and produce an electrical impulse of a single amplitude. If the intensity or duration of the stimulus is increased, the height of the impulse will remain the same. The nerve fibre either gives a maximal response or none at all. It was first established by the American physiologist Henry Pickering Bowditch in 1871 for the contraction of heart muscle.
