Those working in bars earned slightly more, with an average hourly wage of $9.84. Hosts and hostesses employed by hotel restaurants earned a significantly higher wage, averaging $10.95 per hour. The few hosts and hostesses employed by colleges and universities earned the highest wage, $12.85 per hour.
Definition of marginal value: The incremental value that is achieved through additional output. Marginal value exists through a product modification that results in an increase in price or an increase in unit production. The value ...
In an economy with money, the marginal utility of a quantity is simply that of the best good or service that it could purchase. In this way it is useful for explaining supply and demand, as well as essential aspects of models of imperfect competition.