MRT is theabsolute valueof the slope of the production possibility frontier. For each point on the frontier, which is displayed as a curved line, there is a different marginal rate of transformation. This rate is based on the economics of producing the two goods. ...
Business Economics Microeconomics Is marginal cost related to MRT in the same way that marginal utility is related to MRS?Question:Is marginal cost related to MRT in the same way that marginal utility is related to MRS?Microeconomics:Microeconomics is a branch in econ...
11K In economics, production possibilities allow us to visualize opportunity costs. Learn about the definition of opportunity costs of production, explore graphing costs through a model called a production possibilities chart, and consider what might happen ...
Marginal Rate of Substitution: Definition, Formula & Examples from Chapter 3 / Lesson 13 45K The marginal rate of substitution shows how quickly a person will substitute or replace one product for a different one. Study the definition, fo...