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MICROECONOMICS CH : 2 CENTRAL PROBLEMS OF AN ECONOMY — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 2 CENTRAL PROBLEMS OF AN ECONOMY2 Marks
Question
Define marginal rate of transformation.
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Answer

Marginal rate of transformation (or marginal opportunity cost) is the ratio between loss of output of Good-Y and gain of output of Good-X when some resources are shifted from Good-Y to Good-X

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