Explain with the help of a hypothetical numerical example the assumption of diminishing marginal rate of substitution under the ordinal apporach of theory of consumer's behaviour.
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Marginal rate if substitution was introduced by Dr. J.R.Hicks and Professor R.G.D Allen. They told that it is very important to know the quality or quantity of commodity. Where it measurement is correct or wrong. Basically it's of consumer's satisfaction. If a buyer is not satify he or she can adopts any other commodity. It's totally depend on consumer's behavior and satisfaction.
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