Park is always willing to give up 1 orange for 3 tangerines. (1) What is the size of MRSTO (marginal rate of substituting tangerine for orange) for Park

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asked Aug 21, 2021 185k views

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Djschwartz · Answer 1 · 2021-08-25T18:45:28+0000

Answer:

1/3

Step-by-step explanation:

What is the size of MRSTO = 1 /3

The marginal rate of substitution calculates the rate at which a consumer would give up a unit of one good in exchange for one unit of another good while maintaining the same level of utility.

Park is always willing to give up 1 orange for 3 tangerines. (1) What is the size of MRSTO (marginal rate of substituting tangerine for orange) for Park

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