What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.Guided Response: In 300 words or more, please, provide your response to the above discussion question. Find two goods from your own consumption basket and explain how the MRS changes for the two products as you substitute one for the other.
FTER watching the videos and reviewing the other materials in this Learning Unit, answer BOTH of the questions below. 1) Discuss the use of imagery in the poem