Question

discuss briefly the concept of marginal substitution​

Answer 1

Answer:

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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Answer 2

what is 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. The marginal rate of substitution is calculated between two goods placed on an indifference curve, displaying a frontier of utility for each combination of "good X" and "good Y."

Understanding Marginal Rate of Substitution

MRS economics is used to analyze consumer behaviors for a variety of purposes. The marginal rate of substitution is an economics term that refers to the amount of one good that is substitutable for another. MRS economics involves a sloping curve, called the indifference curve, where each point along it represents quantities of good X and good Y that you would be happy substituting for one another.

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