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.
Explanation & Answer
Review
Review
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