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Jane's marginal rate of substitution between leisure and consumption measures her willingness to pay for consumption in terms of leisure. how much consumption she's willing
Jane's marginal rate of substitution between leisure and consumption measures her willingness to pay for consumption in terms of leisure. how much consumption she's willing to give up for a marginal increase in leisure. the absolute value of the slope of her budget line. the value of her time at work
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Intermediate Microeconomics
Authors: Hal R. Varian
9th edition
978-0393123975, 393123979, 393123960, 978-0393919677, 393919676, 978-0393123968
