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The marginal rate of substitution between food and shelter for a-(Answered)

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Question

The marginal rate of substitution between food and shelter for a given point on an indifference

curve

a) is equal to the absolute value of the slope of the indifference curve at that point.

b) is equal to the rate at which the consumer is willing to exchange the two goods in the

marketplace.

c) reflects the relative values the consumer attaches to the two good.

d) is described, in part, by each of the above statements.

 

Paper#9208848 | Written in 27-Jul-2016

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