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BUS 640 Week 2 DQ 1 Marginal Rate of Substitution

BUS 640 Week 2 DQ 1 Marginal Rate of Substitution

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BUS 640 Week 2 DQ 1 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

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