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M? Nghi Phùng
on Nov 16, 2024

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When indifference curves are bowed inward, the marginal rate of substitution varies at each point on the indifference curve.

Marginal Rate

In economics, it generally refers to the increase or decrease in the cost or benefit of producing one additional unit of a good or service.

Indifference Curves

Graphical representations in microeconomics to illustrate different combinations of two goods between which a consumer is indifferent.

  • Determine the role of indifference curves and the marginal rate of substitution in influencing the decisions of consumers.
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Student Erika Flores MercadoNov 22, 2024
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