1. Value added can be describe as difference between total value of output (production) of a firm and value of inputs (raw materials used to produce) that is bought from other firms.

    Value added can be describe as difference between total value of output (production) of a firm and value of inputs (raw materials used to produce) that is bought from other firms.

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  2. For say you produce wheat and cotton in a land (Resource). To grow (Produce) additional amount of wheat, you sacrifice the production of cotton. And used the land to produce wheat. The unit of cotton is been sacrificed to produce additional units Wheat. The Ratio of unit is known as Marginal Rate ofRead more

    For say you produce wheat and cotton in a land (Resource). To grow (Produce) additional amount of wheat, you sacrifice the production of cotton. And used the land to produce wheat. The unit of cotton is been sacrificed to produce additional units Wheat. The Ratio of unit is known as Marginal Rate of Transformation (MRT).

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