Question

Meaning of MRS, eco

Answer 1

Good morning frnd....

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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Answer 2

Heya....

Ques :- What is MRS ??

Answer ______________

• MRS in eco, refers to the Marginal Rate of Substitution ...

• It is the rate at which consumer is willing to subsitute a good just for any other one...

• It tends to decline as me move along with Indifference Curve ....

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