Economics - Diminishing Marginal Rate of Substitution | 11th Economics : Chapter 2 : Consumption Analysis
Chapter: 11th Economics : Chapter 2 : Consumption Analysis
Diminishing Marginal Rate of Substitution
It explains the concepts of diminishing marginal rate of substitution.
Diminishing
Marginal Rate of Substitution
It
explains the concepts of diminishing marginal rate of substitution.
Since y
decrease as x increases, the change in y is negative i.e., -Δy, so the equation
is
However,
as with price elasticity of demand the convention is to ignore the minus sign
in
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11th Economics : Chapter 2 : Consumption Analysis