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MICROECONOMICS CH : 4 CONSUMER'S EQUILIBRIUM INDIFFERENCE CURVE ANALYSIS — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 4 CONSUMER'S EQUILIBRIUM INDIFFERENCE CURVE ANALYSIS1 Mark
Question
Define marginal rate of substitution.
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Answer

Marginal rate of substitution refers to the rate at which the consumer is willing to sacrifice Good-Y for an additional unit of Good-X.

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