Question

explain mrs with the help of diagram and schedule​

Answer 1

Explanation:

The concept of marginal rate of substitution (MRS) can also be illustrated with the help of the diagram. In the fig. 3.3 above as the consumer moves down from combination 1 to combination 2, the consumer is willing to give up 4 units of good Y (∆Y) to get an additional unit of good X (∆X).