Question: Explain the concept of Marginal Rate of Substitution (MRS) as an important tool of indifference curve analysis of demand 3 marks Explain the MRS

Explain the concept of Marginal Rate of Substitution (MRS) as an important

Explain the concept of Marginal Rate of Substitution (MRS) as an important tool of indifference curve analysis of demand 3 marks Explain the MRS concept above with the using the table below on the MRS of X for Y Combination Good X 1 2 3 4 5 i. A B C D E Good Y 12 8 5 3 2 MRSXY

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