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Question about an interpretation of the MRS
Given the marginal rate of substitution of $x$ for $y$ : $\frac{u'(x)}{u'(y)} $
I know one can interpret this as the amount of $y$ one is willing to give up for an additional unit of $x$, or the ...
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Why can utility functions be continuous, and what does this imply for marginal utility?
I am studying microeconomics at the introductory undergraduate level and two related but distinct questions are puzzling me.
First, my textbooks express utility functions as continuous functions by ...
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