What is Marginal Rate of Transformation? Explain with the help of an example.(6 marks.)
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Marginal rate of transformation (MRT) is the rate at which one good/service is transformed into another, given the resources. For example, in a factory, the number of units of good 'X' that will be forgone in order to produce an extra unit of good 'Y'.
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Marginal rate of transformation (MRT) is the rate at which one good/service is transformed into another, given the resources. For example, in a factory, the number of units of good 'X' that will be forgone in order to produce an extra unit of good 'Y'.
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