Explain What Convexity of Preferences Implies About Marginal Rates of Substitution

question 34

Essay

Explain what convexity of preferences implies about marginal rates of substitution.

---

Definitions:

Infant Mortality

involves the death of young children under the age of one, often used as an indicator of a country's health care quality.

Syntax

The set of rules, principles, and processes that govern the structure of sentences in any given language.

Pronouns

Words used in language to substitute for specific nouns, often relating to people, and can reflect gender identity, such as he, she, they.

Combine Two Words

The process of creating a new term or concept by joining two distinct words together.