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The marginal rate of substitution (MRS) is the rate at which a consumer is willing to trade one good for another while maintaining the same level of utility. It measures the relative value of goods as they are substituted for each other along an indifference curve.

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What is SNi reaction?

The question is probably intended to be about SN1 reaction. See the following from Wikipedia, accessed Feb. 25, 2013: "The SN1 reaction is a substitution reaction in organic chemistry. "SN" stands for nucleophilic substitution and the "1" represents the fact that the rate-determining step is unimolecular".


What means kibor rate?

The KIBOR rate refers to the Karachi Interbank Offered Rate, which is the benchmark interest rate that major Pakistani banks use to lend to one another in the interbank market. It influences borrowing and lending rates in the economy and serves as a key indicator of market conditions and liquidity.


What is capital substitution?

Capital substitution refers to the practice of replacing one form of capital with another in order to improve efficiency or productivity. This could involve switching from physical capital (such as machinery or equipment) to human capital (such as training and education), or vice versa. By making smart capital substitutions, businesses can adapt to changing market conditions and optimize their resources.


Is esterfication a substitution or addition reaction?

Esterification is a type of substitution reaction where an alcohol and carboxylic acid react to form an ester and water. This reaction involves the substitution of the hydroxyl group of the carboxylic acid with an alkoxy group from the alcohol.


How does a substitution cipher work?

In a substitution cipher, each letter in the plaintext is replaced with a different letter according to a predetermined key. This key defines the mapping of each letter to its substitution, creating a one-to-one correspondence. When the recipient receives the ciphertext, they can reverse the substitution using the same key to reveal the original message.

Related Questions

What is Marginal Rate of Substitution?

marginal rate of substitution


What is Definition marginal rate of substitution?

marginal rate of substitution


Law of diminishing marginal rate of substitution?

Marginal rate of substitution tends to decrease with passage of units consumptions.


Is the height of an indifference curve the marginal rate of substitution?

Yes. The height of an indifference curve is the marginal rate of substitution.


Explain why the constant elasticity of substitution is considered superior to marginal rate of technical substitution?

Heap


What is the definition of the marginal rate of technical substitution?

The marginal rate of technical substitution is the rate at which one input can be substituted for another input in a production process while keeping the level of output constant.


What does the slope of the indifference curve reveal?

marginal rate of substitution


What is the relationship between the marginal rate of substitution and the concept of perfect substitutes in economics?

The marginal rate of substitution measures how much of one good a person is willing to give up to get more of another good while maintaining the same level of satisfaction. In the case of perfect substitutes, the marginal rate of substitution is constant because the goods can be easily exchanged for each other at a fixed rate.


Why isoquants convex?

diminshing marginal rate of substitution between factors


What is marginal revenue of technical substitution?

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.


What is the relationship between the marginal rate of technical substitution and the efficiency of production processes?

The marginal rate of technical substitution measures how efficiently a production process can replace one input with another while maintaining the same level of output. A higher marginal rate of technical substitution indicates a more efficient production process, as it can easily adjust inputs to maximize output.


Why the marginal rate of substitution between two goods must equal the ratio of prices of the goods for the consumer to achieve maximum satisfaction?

the marginal rate of substitution is equal to the ratio of the goods' margial utilities when satisfaction is maximized