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.
Table describe the average retail price of milk and the Consumer Price Index during 1980 to 1998. Determine percentage change in the real price (1980 dollars) from 1990 to 1995?
I have a problem in economics on Relation between Implicit Costs and Opportunity costs. Please help me in the following question. The Implicit costs are: (1) Opportunity costs. (2) Always variable costs. (3) Similar as the accounting costs. (4) Similar as the explicit
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When the interest rate is 5 percent and a financial investment produces annual payments of $50,000, in that case the present value of this asset is as: (w) $1,000,000. (x) $5,000,000. (y) $500,000. (z) $10,000,000.
The economic cost borne by you as the college student which would be ignored by the bookkeeper whenever computing costs however that economists would consider the implicit cost of your education would be: (1) Food, similar costs and rent which you would incur even whe
Elucidate the central problems of an economy: A) What to produce? B) How to produce? C) For whom to produce? Answer: Discover Q & A Leading Solution Library Avail More Than 1458729 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1957066 Asked 3,689 Active Tutors 1458729 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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