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Unformatted text preview: pocket which in turn keeps her from the amount of leisure time she would like. She feels like the need to work outweighs the need to spend time in leisure in order to maintain her desired level of satisfaction, which is an example of marginal rate of substitution. If her dreams were to become a reality and she married a wealthy man, her need to work would decrease while her time spent in leisure would increase. In terms of marginal rate of substitution, she would be able to give up time spent in work while taking on more leisure time while keeping the same rate of satisfaction....
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This note was uploaded on 10/19/2008 for the course ECON 301 taught by Professor Zerkle during the Fall '08 term at Clemson.
- Fall '08