Question

Discuss the law of diminishing marginal rate of substitution

Answer 1

Answer:

Explanation:

If the marginal rate of substitution of X for Y or Y for X is diminishing, the indifference' curve must be convex to the origin. ... The law of diminishing marginal rates of substitution states that MRS decreases as one moves down the standard convex-shaped curve, which is the indifference curve

Answer 2

Explanation:

To calculate the standard deviation for a sample of N measurements:

Sum all the measurements and divide by N to get the average, or mean.

Now, subtract this average from each of the N measurements to obtain N "deviations".

Square each of these N deviations and add them all up.

Divide this result by. (N − 1)