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Question
Marginal Rate of Substitution of X for Y is determined as
Marginal Rate of Substitution of X for Y is determined as
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Solution
The correct option is D ΔY/ΔX
MRS of X for Y shows the amount of Good-Y which a consumer is willing to give up for one unit more of Good-X. It is expressed as ‘Change in Y/Change in X’.
MRS of X for Y shows the amount of Good-Y which a consumer is willing to give up for one unit more of Good-X. It is expressed as ‘Change in Y/Change in X’.
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