4. We learned that the slope of the indifference curve is called the marginal rate of substitution of X forY. What does the MRSXY tell us about a consumer's preferences between two goods?
4. We learned that the slope of the indifference curve is called the marginal rate of substitution of X forY. What does the MRSXY tell us about a consumer's preferences between two goods?
Chapter6: Consumer Choice And Demand
Section: Chapter Questions
Problem 1.3P
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