Question

differentiate between MRS and MU?​

Answer 1

Answer:

Marginal rate of substitution of 'X' for 'Y' (MRSX Y) is the rate at which consumer gives up successive units of commodity 'Y' in exchange for each extra unit of commodity 'X'. As the quantity of 'X' increases, its marginal significance (MUX) to the consumer decreases.

Explanation:

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