What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another?

Marginal Rate of Substitution

 

What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
Guided Response: In 300 words or more, please, provide your response to the above discussion question. Find two goods from your own consumption basket and explain how the MRS changes for the two products as you substitute one for the other. Substantive responses use theory, research, and experience or examples to support ideas and further the class knowledge on the discussion topic.

Rubrics/Marking Guidelines :

In 300 words or more, please, provide your response to the above discussion question. Find two goods from your own consumption basket and explain how the MRS changes for the two products as you substitute one for the other.

Turnitin is being used to check for plagiarism and Please use APA format.

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