The distribution of wealth . food are often less feltthan such acquired wants as those for intensity of the want depends upon the degreeof satisfaction which has been reached in the descend-ing scale of utility. This depends upon the quan-tity of the good in question which has already beensupplied. The least intense want of a given kindwhich is actually supplied marks the marginal utilityof the article supplying it. Marginal utility, then,is quantity of utility or pleasurable sensation af-forded by the last increment of commodity actually I VALUE, PRICE, AND COST 5 enjoyed. The
The distribution of wealth . food are often less feltthan such acquired wants as those for intensity of the want depends upon the degreeof satisfaction which has been reached in the descend-ing scale of utility. This depends upon the quan-tity of the good in question which has already beensupplied. The least intense want of a given kindwhich is actually supplied marks the marginal utilityof the article supplying it. Marginal utility, then,is quantity of utility or pleasurable sensation af-forded by the last increment of commodity actually I VALUE, PRICE, AND COST 5 enjoyed. The marginal utility of different kinds ofgoods does not depend upon the kind of want, exceptas the Mnd determines the quantity wanted. Itdepends directly upon the relative supply. It isscarcity that prevents the marginal utility fromdescending to m7, but scarcity is a relative termand always refers to the quantity needed. Anamount which may be bountiful in supplying onekind of wants may be very limited in supplying Diagram other kinds. Marginal utility, therefore, may beless in the case of indispensable wants than in thecase of dispensable ones. In Diagram I. let ah measure the quantity of satis-faction obtained from the first increment of food, andac from that of clothing. If the diminishing scaleof the utility of food follows the line hd^ and theactual supply of food is ae^ the marginal utility willbe ed. If the clothing scale is ck^ and the supply is 6 THE DISTRIBUTION OF WEALTH chap. only af^ then the marginal utility will be fg. Theactual, felt want for clothing, therefore, measuredby its marginal utility, is greater than the felt wantfor the far more indispensable utility, food. Wants as just described are the first componentof demand. Resources is the second. By resourcesis meant simply ones share of the social product,no matter what the cause or origin of that his share is large, he may receive so large aquantity of all products that the marginal utilityof ea
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Keywords: ., bookcentury1800, bookdecade1890, bookiddistrib, booksubjectwealth
