the marginal rate of substitution (mrs) is multiple choice question. the value of the slope of the budget constraint. the value of the slope of the indifference curve. the absolute value of the slope of the indifference curve. the absolute value of the slope of the budget constraint.

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21-10-2022
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the marginal rate of substitution (mrs) is multiple choice question. the value of the slope of the budget constraint. the value of the slope of the indifference curve. the absolute value of the slope of the indifference curve. the absolute value of the slope of the budget constraint.

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Qwclear Qwclear · Answer 1 · 2022-10-26T16:20:37+02:00

The Marginal Rate of Substitution or MRS is the slope of the indifference curve.

Indifference curve is a graph plotted in order to determine the same amount of satisfaction received by the consumers from different varieties of products. This property of deriving same satisfaction from different varieties of products is known as Indifferent. Every point on the indifference curve shows indifference among different products. Marginal rate of substitution is defined as the amount of a good that a consumer sacrifices or substitutes for other good in order to derive the same amount of satisfaction. The slope of indifference curve gives the Marginal Rate of Substitution. Marginal Substitution rate is a tool that can be used to determine the behavior of a consumer towards different varieties of products.

Learn more about Marginal Substitution Rate at:

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