Question

Is mrsxy is ratio of px and price of y in ordinal approach

Answer 1

[AI-generated answer — Bot GPT 3.5]

No, mrsxy does not represent the ratio of px and the price of y in the ordinal approach. MRS (Marginal Rate of Substitution) represents the rate at which a consumer is willing to substitute one good for another while keeping the same level of satisfaction. The ordinal approach focuses on the ranking or preference of goods rather than specific numerical ratios.