Figure 10-4
-Refer to Figure 10-4.What is the marginal rate of substitution for one bar of chocolate between h and j?

Question

Figure 10-4 
-Refer to Figure 10-4.What is the marginal rate of substitution for one bar of chocolate between h and j?

Quizplus · Accepted Answer

The marginal rate of substitution (MRS) for one bar of chocolate between h and j is the amount of cookies that an individual is willing to give up to get one extra bar of chocolate. Moving from point h to j, the individual gives up 2 cookies (from 4 to 2) to get one extra bar of chocolate (from 1 to 2). Therefore, the MRS for one bar of chocolate between h and j is 2/1 or 11eaaa28_a9ed_825b_9b29_3dd4e6fb7a34_TB3018_11 of a cookie. The best choice(s) cannot be determined from this information alone as it depends on the individual's preferences and budget constraints.

Figure 10-4 -Refer to Figure 10-4 18\frac { 1 } { 8 }81​

Figure 10-4
-Refer to Figure 10-4 $\frac { 1 } { 8 }$