Define the MRS with digram
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Posted by Randhir Pannu 5 years, 4 months ago
- 2 answers
Gaurav Seth 5 years, 4 months ago
The Marginal Rate of Substitution can be defined as the rate at which a consumer is willing to forgo a number of units good X for one more of good Y at the same utility. The Marginal Rate of Substitution is used to analyze the indifference curve.
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Randhir Pannu 5 years, 4 months ago
0Thank You