Problem
1. We learned that the slope of the indifference curve is called the marginal rate of substitution of X for Y. What does the MR S XY tell us about a consumer's preferences between two goods?
2. Why does the slope of the indifference curve vary along the curve? What does this variability tell us about consumers' preferences?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.