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If your MRS is higher on budget over another budget set, how do you determine what the consumer would choose?

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If your MRS is higher on budget over another budget set, how do you determine what the consumer would choose?
Answered Same Day Dec 22, 2021

Solution

Robert answered on Dec 22 2021
120 Votes
What does it mean to have a higher MRS? If your MRS is higher on budget over another budget
set, how do you determine what the consumer would choose?
Answer:
Marginal rate of substitution (MRS) is the rate at which consumer is willing to substitute one
good for another such that resulting...
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