Business Studies, asked by tdprajapati463, 1 year ago

Explain the meaning of marginal rate of substitution witha help of an examole

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Answered by Akash7766
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hey..

In economics, the marginal rate of substitution (MRS) 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 (assuming no externalities), marginal rates of substitution are identical.
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