--%>

Define Marginal rate of Substitution or MRS

Marginal rate of Substitution (MRS): It is the rate at which a consumer is prepared to give up one good to get the other good.

   Related Questions in Microeconomics

  • Q : Total variable costs in monopolistic

    When this firm produces 5,000 units of output monthly in this demonstrated figure, in that case its total variable costs equal as: (w) $75,000 per month. (x) $15,000 per month. (y) $18,000 per month. (z) $3,000 per month.

    Q : Outcome of a purely competitive market

    When cost conditions are otherwise identical, compared to the outcome of a purely competitive market, in that case a monopolist: (w) produces less and charges more. (x) maximizes total profits whenever possible. (y) confronts a demand curve where P =

  • Q : Long-run purely competitive industry

    For a purely competitive industry in the long-run: (w) neither net entry nor net exit of firms will arise. (x) firms will experience significant economies of scale. (y) the typical firm’s economic profit will exceed its accounting profit. (z) th

  • Q : Price discrimination to increase

    A firm can practice price discrimination to increase its profitability when this: (w) confronts a perfectly elastic demand curve. (x) is a pure quantity adjuster. (y) has some market power and is able to separate its customers into various groups alon

  • Q : Elasticity of demand changes with price

    Calculating the price elasticity of demand for DVD games for a price variation from $50 to zero in such demand curve is: (w) 0. (x) infinity. (y) mostly meaningless since elasticity changes continuously over such range. (z) 1.5.

    Q : Theory of mercantilism Explain what was

    Explain what was the theory of mercantilism?

  • Q : Price takers in product market I have a

    I have a problem in economics on Price takers in product market. Please help me in the following question. Relative to firms which are price takers in product market, and then firms with market power tend to. (1) Hire some workers (2) Pay a lower wage

  • Q : Relatively price elastic demand For

    For Cournot’s Spring Water the demand is relatively price elastic at: (i) point a. (ii) point b. (iii) point c (iv) point d. (v) point e.

    Q : Maximize output by monopolists

    Economists suppose that most monopolists wish for maximize: (i) accounting profit. (ii) the prices they charge. (iii) total revenue. (iv) economic profit. (v) output. I need a good answer on the topic of Ec

  • Q : Marginal Resource Costs The word

    The word ‘marginal resource costs’ or ‘marginal factor costs’ signifies to the: (1) Additional cost included in generating an additional resource. (2) Additional cost included in generating an additional unit of the resource. (3) Additional cos