The marginal rate of transformation of y for x represents
A) the slope of the budget constraint.
B) the rate at which the consumer must give up x to get one more y.
C) -Py/Px.
D) All of the above.
Answer: the slope of the budget constraint.
The marginal rate of transformation of y for x represents
A) the slope of the budget constraint.
B) the rate at which the consumer must give up x to get one more y.
C) -Py/Px.
D) All of the above.
Answer: the slope of the budget constraint.