What is the concept of marginal rate of transformation explain with the help of an example?
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The marginal rate of transformation (MRT) is the rate at which one good must be sacrificed in order to produce a single extra unit (or marginal unit) of another good, assuming that both goods require the same scarce inputs.
Marginal rate of transformation can also be referred to as the opportunity cost.
Marginal rate of transformation can also be referred to as the opportunity cost.
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