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6. Marginal Rate of Substitution and Marginal Utility

In this video, I explain the concepts of Marginal Rate of Substitution (MRS) and Marginal Utility. I then offer a non-calculus-based motivation for the formula that relates the MRS to the marginal utilities of the two goods. Check out a description of my teaching activities here: www.tonycookson.com/teaching Check out a list of the videos in this series (organized by topic) here: http://blog.thisyoungeconomist.com/p/learn-microeconomics.html
Length: 08:44

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