Marginal Rate of Substitution Concept
Marginal Rate of Substitution (or Substitution Ratio) indicates the rate at which a consumer is willing to trade a certain good for another in order to keep the same utility level. In an indifference curbs map, and for each combination of goods, the Marginal Rate of Substitution is given by the indifference curb inclination which passes in the point that represents that combination of goods.
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