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AEM2300 - Ppt Lecture 3

AEM2300 - Ppt Lecture 3 - Lecture 3 BASIC DEFINITIONS(2...

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1 of Lecture 3 Prof. David Lee AEM/ECON 2300 BASIC DEFINITIONS (2) Production Possibility Frontier (PPF) : curve showing all possible combinations of outputs of two products that a producer (or economy) can produce with resources fully employed and the best available technology Marginal Rate of Transformation (MRT) : the amount of one product that a producer (or economy) must sacrifice in order to produce one more unit of another commodity (also the slope of the production possibility frontier at the point of production )
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