mrs@xy is defined as
(a) loss of y /receipt of y
(b) receipt of y /loss of x
(c) receipt of x /loss of y
(d) loss of x /loss of y
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1
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The marginal rate of substitution is the rate of exchange between some units of goods X and Y which are equally preferred. The marginal rate of substitution of X for Y (MRS)xy is the amount of Y that will be given up for obtaining each additional unit of X.
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Answer:
(a) loss of Y / receipt of X
Explanation:
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