For a film buff, the Marginal Rate of Substitution of meals for films is the quantity of films they must sacrifice to increase the quantity of meals by one unit without changing the total utility.
Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...
Definition of 'Diminishing Marginal Rate of Substitution' Consumer tastes exhibit a Diminishing Marginal Rate of Substitution when, to hold utility constant, diminishing quantities of one good must be ...
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