Question

define MRS in economics​

Answer 1

Answer:

It stands for marginal rate of substitution . and it is the rate at which consumer can give up some amount of one good in exchange of other good while maintaining the same level of utility .

Explanation:

I hope it helps you .

Answer 2

Answer:

In economics, the marginal rate of substitution is the rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level utility. At equilibrium consumption levels, marginal rates of substitution are identical. The marginal state of substitution is one of the three factors from marginal productivity the others being marginal rates of transformation and marginal productivity of a factor (¹)