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Marginal Rate of Substitution (MRS), Marginal Utility (MU), and how they relate
In this post, I start off by explaining the Marginal Rate of Substitution (Sections II-IV). Then, I cover the concept of Marginal Utility (Sections V-VII). In both cases, I start with a story explanation, then give a formal definition, and finally provide some other useful information about the concept. After that, I connect the two concepts ...