Explain the concept of indifference curve by justifying marginal rate of substitution.
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Mrs
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What Is the Marginal Rate of Substitution (MRS)?
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. MRS is used in indifference theory to analyze consumer behavior.
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