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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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