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.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 17SQ
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