Question

Define Marginal Rate of Transformation (MRT). Calculate MRT from the following production possibilities schedule of an economy which produces only two goods -- Corn and Cotton. Also, draw the PPC Explain its shape.​

Answer 1

Explanation:

The marginal rate of transformation (MRT) is the number of units or amount of a good that must be forgone to create or attain one unit of another good. It is the number of units of good Y that will be foregone to produce an extra unit of good X while keeping the factors of production and technology constant.

Answer 2

Answer:

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The marginal rate of transformation (MRT) is the number of units or amount of a good that must be forgone to create or attain one unit of another good. It is the number of units of good Y that will be foregone to produce an extra unit of good X while keeping the factors of production and technology constant.

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