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marginal rate of substitution
Marginal rate of substitution tends to decrease with passage of units consumptions.
Yes. The height of an indifference curve is the marginal rate of substitution.
As a matter of fact, law of diminishing marginal rate of substitution conforms to the law of diminishing marginal utility. According to law of diminishing marginal utility, as a consumer increases the consumption of a good, its marginal utility goes on diminishing. On the contrary, if the consumption of a good decreases, its marginal utility goes on increasing.
the marginal rate of substitution is equal to the ratio of the goods' margial utilities when satisfaction is maximized
marginal rate of substitution
marginal rate of substitution
Marginal rate of substitution tends to decrease with passage of units consumptions.
Yes. The height of an indifference curve is the marginal rate of substitution.
marginal rate of substitution
Heap
diminshing marginal rate of substitution between factors
As a matter of fact, law of diminishing marginal rate of substitution conforms to the law of diminishing marginal utility. According to law of diminishing marginal utility, as a consumer increases the consumption of a good, its marginal utility goes on diminishing. On the contrary, if the consumption of a good decreases, its marginal utility goes on increasing.
The marginal rate of technical substitution refers to the rate at which one input can be substituted for another input without changing the level of output. It can also be defined as the more complete name for the marginal rate of substitution between factors in a production function, sometimes used to distinguish it from the analogous concept in a utility function.
the marginal rate of substitution is equal to the ratio of the goods' margial utilities when satisfaction is maximized
Marginal rate of substitution
the two difference of curve is radios