Economy, asked by binodagarwal686, 7 months ago

define MRS in economics

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Answered by arifahkhatun

0

marginal rate of substitution

In economics, the marginal rate of substitution (MRS) is the amount of a good that a consumer is willing to consume in relation to another good, as long as the new good is equally satisfying. It's used in indifference theory to analyze consumer behavior.

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