Topic 1: Foundations, The Economy, Development, Change and International Trade

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4 Terms

1
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Formula for the MRT (Marginal Rate of Transformation) in terms of the marginal costs of a good c, on the x axis, and a good w, on the y axis

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2
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What is the efficient product mix?

Where the slope of the indifference curve is equal to the slope of the production possibility frontier, where the MRS = MRT

3
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What condition concerning the MRS and slope of the budget line must be satisfied in a competitive market for the consumers’ utility to be maximised?

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4
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