week 2 managerial economics

profileEclpse1

In 300 words or more, please, provide your response to the discussion question below. Find two goods from your own consumption basket and explain how the MRS changes for the two products as you substitute one for the other. 

 

ANSWER QUESTIONS ABOVE AND BELOW THOROUGHLY....

 

What is the marginal rate of substitution (MRS)?  

 

why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.

 

ANY OUTSIDE SOURCES MUST BE PROPERLY CITED IN APA FORM THROUGHOUT THE PAPER AND WITH AN REFERENCE PAGE...ALL SOURCES MUST BE SCHOLARLY...

 

USE PROPER GRAMMAR, SENTENCING AND PRONUNCIATIONS...NO COPIED OR PLAGIARISED WORK...

 

THIS PAPER IS DUE TODAY 7/28/2015...8 hours from now SOONER THE BETTER...NO LATE WORK

    • 9 years ago
    • 10
    Answer(1)

    Purchase the answer to view it

    blurred-text
    NOT RATED
    • attachment
      marginal_rate_of_substitution.docx