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Consumer substitutes one product for another

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Need assistance with this week's discussion question. In 300 words I need to discuss 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. Also, find two goods from your own consumption basket and explain how the MRS changes for the two products as you substitute one for the other.

Reference no: EM131376065

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