Marginal value

Marginal value is a term widely used in economics, to refer to the change in economic value associated with a unit change in output, consumption or some other economic choice variable.

The concept of marginal value is similar to the mathematical concept of the derivative of a differentiable function, or to related concepts such as the arc derivative (slope of a secant line for more general functions).

Marginal Value is the maximum amount of one good you would give up to get one more unit of a different good. (Purdue University, 2008)