Marginal Utility
Additional utility an individual receives when purchasing an additional unit of a commodity or service. Represents a trade off between units of cost and unit of utility. For example, an individual builds a luxury home with a swimming pool. To build a tennis court would cost $50,000 and require yearly maintenance. To add two tennis courts is extremely low, the marginal utility of building the additional tennis court at $25,000 is not enough to offset the additional cost involved. However, if it cost only $5,000 to build the additional tennis court, then there may be sufficient marginal utility to justify its construction.
Popular Real Estate Terms
The nonavailability of jobs for people able and willing to work at the prevailing wage rate. It is important measure of economic health, since full employment is generally constructed as a ...
Compilation of all real estate properties in a given tax district that are subject to real estate taxes. The tax roll indicates the taxable assessed values of all properties in the district ...
The definition of the term right of way is an easement or the right of another person to pass over land owned by someone else to reach a particular destination. An individual is typically ...
Net amount of cash than an investor requires from an income-producing property, after taxes, for a period of time, usually a year. It is computed by accumulating all rental receipts for the ...
Small furnace placed between the studs of a wall. It is typically electric, but in the past more frequently was gas. ...
A roof forming a triangle from the eaves to the ridge of the roof. ...
Wood strip (molding) at the bottom of a baseboard. ...
An individual's bringing a legal action against a defendant. The plaintiff wants relief from the judge against a defendant. An example is investors in a real estate investment trust (REIT) ...
Insulation covered on each side by a material, such as metal. ...
Have a question or comment?
We're here to help.