Marginal Rate of transformation
Define? Marginal Rate of transformation?? Describe with the help of an illustration.
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Marginal Rate of transformation or MRT is the rate at which the units of one good encompass to be sacrificed to generate one more unit of another good in a two goods economy.
Assume an economy generates only two goods X and Y. Moreover assume that by employing such resources completely and efficiently, the economy generates 1X + 10Y. If the economy decides to generate 2X, it has to cut down its production of Y by 2 units. Then 2Y is the opportunity cost of generating 1X. Then 2Y:1X is the MRT.
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Line T2 depicts as in below graph a tax system which is: (i) progressive. (ii) recessive. (iii) proportional. (iv) biased. (v) regressive. Q : Marginalism and characteristics Explain Explain about Marginalism and characteristics.
Explain about Marginalism and characteristics.
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