The marginal rate of substitution is the maximum number of units of good Y that the consumer would willingly sacrifice for an extra unit of good X while keeping the satisfaction level unchanged. change in total utility when one more unit of a good is consumed. slope of the utility function. All of the above are correct.

The marginal rate of substitution is the maximum number of units of good Y that the consumer would willingly sacrifice for an extra unit of good X while keeping the satisfaction level unchanged. change in total utility when one more unit of a good is consumed. slope of the utility function. All of the above are correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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