300 word response on marginal rate of substitution

May 11th, 2015
Anonymous
Category:
Business Finance
Price: $10 USD

Question description

What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.

Guided Response:
In 300 words or more, please, provide your response to the above discussion question. Find two goods from your own consumption basket and explain how the MRS changes for the two products as you substitute one for the other. Respond substantively to at least two of your classmates’ postings. Substantive responses use theory, research, and experience or examples to support ideas and further the class knowledge on the discussion topic.

Tutor Answer

(Top Tutor) David M99
School: Boston College

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