If a consumers marginal rate of substitution of good X for good Y (MRS XY ) is

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If a consumer’s marginal rate of substitution of good X for good Y (MRS_XY) is equal to 2,then the:

A. consumer is willing to give up two units of X for one unit of Y.

B. slope of a line tangent to the indifference curve at that point is 2.

C. slope of a line tangent to the indifference curve at that point is 2.

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Economics For Investment Decision Makers

ISBN: 9781118111963

1st Edition

Authors: Sandeep Singh, Christopher D Piros, Jerald E Pinto

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Question Posted: Mar 09, 2024 11:02 AM

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If a consumers marginal rate of substitution of good X for good Y (MRS XY ) is

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Define marginal rate of substitution In economics the marginal rate of substitution MRS refers to th...View the full answer

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