Explain the concept of Marginal Rate of Substitution with the help of a schedule.

Explain the concept of Marginal Rate of Substitution and its behaviour along the typical indifference curve. Give a numerical example. Also give reason for its behaviour.

Explain the concept of marginal cost with the help of a hypothetical schedule and diagram.

Explain the meaning of diminishing marginal rate of substitution with the help of a numerical example

Explain the concept of 'marginal utility' with the help of a numerical example