Marginal Rate of Substitution Measure
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A Marginal Rate of Substitution Measure is a rate measure for which a consumer is ready to give up one good in exchange for another good while maintaining the same level of utility.
References
2016
- (Wikipedia, 2016) ⇒ http://en.wikipedia.org/wiki/Marginal_rate_of_substitution Retrieved:2016-1-5.
- In economics, the marginal rate of substitution is the rate at which a consumer is ready to give up one good in exchange for another good while maintaining the same level of utility. At equilibrium consumption levels (assuming no externalities), marginal rates of substitution are identical.