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NOTES FOR MICROECONOMICS 2011 - New York University

Note that the marginal rate of substitution (MRS) of consumer Z depends on individual preferences as expressed by the indifference curves. It does not depend on the market or the prices that may prevail in the market. 11. An additional unit of good X increases the level of satisfaction of a consumer by the marginal utility of X, MUx. Similarly ...

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  Rates, Microeconomics, Substitution, Marginal, Marginal rate of substitution

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Transcription of NOTES FOR MICROECONOMICS 2011 - New York University

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