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  5. Marginal Rate of Substitution

Marginal Rate of Substitution

Definition of 'Marginal Rate of Substitution'

For a film buff, the Marginal Rate of Substitution of meals for films is the quantity of films they must sacrifice to increase the quantity of meals by one unit without changing the total utility.

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Related Terms

Diminishing Marginal Rate of SubstitutionSubstitution EffectDistortionMarginal FirmMarginal UtilityMCCMEIFlat RateFloating Rate NoteForward PointsHurdle RateDiminishing Marginal UtilityMarginal CostMarginal Cost of CapitalMarginal Efficiency of InvestmentMarginal Product of LabourMarginal Propensity to ImportMarginal Propensity to SaveMarginal RevenueMarginal Value Product of Capital

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