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.
The labor monopsonist will hire labor up to the point where the marginal: (1) Revenue product of the labor equivalents the wage. (2) Resource cost of labor equivalents the salary. (3) Revenue product of labor equivalents its marginal resource cost. (4) Resource cost o
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Economists can’t conceive of any resource or product for which the: (i) Price elasticity of demand is zero (0) and the demand curve is vertical. (ii) Price elasticity of supply is zero (0) and supply curve is vertical. (iii) Income elasticity of
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explain the properties of isoquants with diagram
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