Econ 1500 Assignment Example | Topics and Well Written Essays - 250 words

Econ 1500 - Assignment ExampleIt originated from the classical economists, but later adopted by innovational Marxist frugals, i.e. Karl Marx. Value exists in three different concepts i.e. utility, use foster, and exchange comfort. In classical economists viewpoint, labor input determines the value of a good or service. On the other hand, marginalists conceptualize that a buyer of a good determines its utility, and this fluctuates with consumption patterns. Therefore, the major transition involves labor as the foot of valuation of a product to utility as the form of valuation of a product (Hartwick and Peet 1).Which economists/philosophers derived stinting information and theories on utility, the equi-marginal principle, and opportunity cost principles in economics that we use in todays economic analysis? Identify the concepts and economists, and then briefly explain these three economic principles.Paul Samuelson derived the theory of utility. The concept of utility describes t he tastes and preferences associated with consumers consumption patterns. This comes from the dual side analysis of value and price i.e. demand and supply sides. Herbert Simon invented the concept of opportunity cost. This is the cost of an activity measured against the foregone value of the next best alternative, i.e. the sacrifice in relation to the next best choice taken among reciprocally exclusive choices. The principle of equi-marginal utility was the brainchild of Hermann Heinrich Gossen. This concept is an extension of diminishing marginal utility constabulary as it explains how a consumer behaves while distributing his or her limited income between various services and goods. This law dictates that a consumer will allocate his money income among several goods in order to derive maximum