Question

Explain marginal rate of substitution

Answer 1

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➡In economics, the marginal rate of substitution is the rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility.

➡At equilibrium consumption levels, marginal rates of substitution are identical.

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Answer 2

Marginal rate of substitution

explanation

the marginal rate of substitution is the rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility. At equilibrium consumption levels, marginal rates of substitution are identical

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