mrs - marginal rate of substitution. mrs is the rate at which consumers give up one amount of commodity in order to purchase another amount of a commodity
MRS means marginal rate of substitution.. it is a rate at which consumer substitute one commodity for another without changing the level of satisfaction
thanks yamini for a2a. MRS means the marginal rate of substitution n economics, the marginal rate of substitution (MRS) is the rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility. all the best and happy learning.
MRS means the marginal rate of substitution n economics, the marginal rate of substitution (MRS) is the rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility.