Economy, asked by Dictator9550, 10 months ago

What is meant by marginal rate of substitution? What is its relationship with marginal utility?

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Answered by bhavishyaarsiya165
2

Answer:

Explanation:n 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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