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Explain marginal rate of substitution and short-run

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Reference no: EM132795663

1. Please Define or explain Marginal Rate of substitution and Short-run in one or two lines:

2. Explain what we mean when we say that a decrease in the price of a good can change a person's income.

3. Would a business facing decreasing returns to scale have a reason to grow larger or smaller. Please explain.

Reference no: EM132795663

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