Question

Explain the concepts of Opportunity Cost and Marginal Rate of Transformation using a
production possibility schedule based on the assumption that no resource is equally
efficient in production of all goods.

Answer 1

Opportunity costs are principal costs in financial matters and are utilized as a part of registering money saving advantage examination of a venture. Such expenses, be that as it may, are not recorded in the account books but rather are perceived in basic leadership by processing the money costs and their subsequent benefit or misfortune.

The marginal rate of change. The minimal rate of change (MRT) can be characterized as what number of units of good x need to quit being delivered so as to create an additional unit of good y, while keeping consistent the utilization of generation factors and the innovation being used.