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Answer to Question #344151 in Macroeconomics for Rajvi

Question #344151

What is marginal rate of substitution?




1
Expert's answer
2022-05-23T15:18:36-0400

The marginal rate of substitution (MRS) is the amount of a good that a consumer is willing to consume compared to another good, as long as the new good is equally satisfying. MRS is used in indifference theory to analyze consumer behavior.


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