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Marginal Opportunity Cost and Marginal Rate of Transformation Video Lecture | Economics Class 11 - Commerce
FAQs on Marginal Opportunity Cost and Marginal Rate of Transformation Video Lecture - Economics Class 11 - Commerce
| 1. What is the relationship between Marginal Opportunity Cost and Marginal Rate of Transformation? |  |
Ans. Marginal Opportunity Cost refers to the additional cost incurred when producing one more unit of a good, while Marginal Rate of Transformation represents the rate at which one good must be sacrificed to produce another. The two concepts are related because as we produce more of one good, we have to give up more of another, leading to an increase in both Marginal Opportunity Cost and Marginal Rate of Transformation.
| 2. How do Marginal Opportunity Cost and Marginal Rate of Transformation affect decision-making in production? | |
Ans. Both Marginal Opportunity Cost and Marginal Rate of Transformation play a crucial role in decision-making in production. By considering these factors, producers can determine the optimal allocation of resources to maximize efficiency and minimize opportunity costs. Understanding these concepts helps in analyzing trade-offs and making informed choices about production levels.
| 3. Can Marginal Opportunity Cost ever be negative? | |
Ans. No, Marginal Opportunity Cost cannot be negative. It always represents the additional cost incurred when producing one more unit of a good. If the cost of producing an additional unit is lower than the cost of the previous unit, the Marginal Opportunity Cost will be decreasing but will never be negative.
| 4. How can Marginal Rate of Transformation be used to analyze comparative advantage in production? | |
Ans. Marginal Rate of Transformation can be used to analyze comparative advantage by comparing the opportunity costs of producing different goods. If one country has a lower Marginal Rate of Transformation for a good compared to another country, it means that the first country can produce that good more efficiently and should specialize in its production to benefit from comparative advantage.
| 5. How do Marginal Opportunity Cost and Marginal Rate of Transformation relate to the concept of efficiency in production? | |
Ans. Both Marginal Opportunity Cost and Marginal Rate of Transformation are essential in achieving efficiency in production. By continuously evaluating the trade-offs and opportunity costs associated with producing additional units of goods, producers can optimize their resource allocation and production levels to operate at maximum efficiency.
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