Question

Define slope/MRSxy of indifference curve. Explain using a schedule and diagram.

Answer 1

Answer:

Essentially, MRS is the slope of the indifference curve at any single point along the curve. ... If the marginal rate of substitution is increasing, the indifference curve will be concave, which means that a consumer would consume more of X for the increased consumption of Y and vice versa, but this is not common.