A fundamental Micro-Economic concept, it is defined as the  rate at which a person will give up good Y to get more of good X,  while their total utility remains constant.
A fundamental Micro-Economic concept, it is defined as the  rate at which a person will give up good Y to get more of good X,  while their total utility remains constant. Graphically  represented, it is depicted as the slope of an indifference  curve. FTP, give this term, another of those ubiquitous  Mariginalist ideas?
A fundamental Micro-Economic concept, it is defined as the  rate at which a person will give up good Y to get more of good X,  while their total utility remains constant.
Marginal Rate of Substitution