Answer:
Intensity of desire a commodity, tends to decrease as more and more units of a commodity are consumed. In other words, successive units of consumption offer less satisfaction. It is considered as the law of diminishing marginal rate of substitution.
In other words, it is a ratio of number of unit of goods sacrificed to produce one additional unit of other goods by substituting, the resources:
For ex:
Good
Good
MRS
1
10
?
2
7
3
3
5
2
4
4
1
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