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Discussion: Marginal Rate of Substitution
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
Guided Response: In 300 words or more, please, provide your response to the above discussion question. Find two goods from your own consumption basket and explain how the MRS changes for the two products as you substitute one for the other. Respond substantively to at least two of your classmates' postings. Substantive responses use theory, research, and experience or examples to support ideas and further the class knowledge on the discussion topic.
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MGMT 3306: Solve the assignment problems, 1. Please answer the assignment questions in this docx file and save once you’re satisfied. Assignment 3covers the lectures slides for Week 6.
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