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Write the definitions for marginal rate of substitution mrs

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Reference no: EM13452164

Give the definitions for marginal rate of substitution (MRS), and the price ratio. Then explain them in your own words, referring to the notions of the psychic tradeoff and the market tradeoff. What is similar about the concepts of the MRS and the price ratio? What is different?

Reference no: EM13452164

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