Thank you for your response. After further reasearch I found: a. The Marginal Rate of Substitution b. The Marginal rate of Technical Substitution c. The Marginal rate of Transformation in terms of Pareto Optimality, the perfectly competitive market and general equilibrium how are those three concepts related to a. Product Efficiency b. Consumption Efficiency c. Product Mix Efficiency

Thank you for your response. After further reasearch I found: a. The Marginal Rate of Substitution b. The Marginal rate of Technical Substitution c. The Marginal rate of Transformation in terms of Pareto Optimality, the perfectly competitive market and general equilibrium how are those three concepts related to a. Product Efficiency b. Consumption Efficiency c. Product Mix Efficiency

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 5P

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