Saved Bookmarks
| 1. |
Differentiate b/w MRS and Market rate of exchange. |
|
Answer» I guess there is a difference b/w exchange rate and market rate of exchange. * marginal rate of substitution (MRS) is the amount of a good that a consumer is willing to give up for another good, as long as the new good is equally satisfying. It\'s used in indifference theory★★★★★ An exchange rate is the price of a nation\'s currency in terms of another currency. ... Exchange rates are quoted in values against the US dollar. |
|