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What is marginal rate substitution?
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What is marginal rate substitution?
The marginal rate of substitution (MRS) is the amount of a good that a consumer is willing to give up for another good, as long as the new good is equally satisfying. It's used in indifference theory to analyze consumer behavior. The marginal rate of substitution is calculated between two goods placed on an indifference curve, displaying a frontier of equal utility for each combination of "good A" and "good B."
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What is marginal rate substitution?
It can be simply said as the amount of a good we have to consume for giving up another....it is like how we substitute it ......just look the word ....
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What is marginal rate substitution?
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What is marginal rate substitution? for Class 11 2025 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about What is marginal rate substitution? covers all topics & solutions for Class 11 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is marginal rate substitution?.
What is marginal rate substitution? for Class 11 2025 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about What is marginal rate substitution? covers all topics & solutions for Class 11 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is marginal rate substitution?.
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