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?

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Chapter6: Consumer Choice And Demand
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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?
Transcribed Image Text: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?
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