Well you are right that there are 2 components in transformer loss. The first the energy used create the magnetising current in the tranformer or "iron" loss and is pretty much constant regardless of load, the 2nd is the energy used relative to the load and are I squared R losses.
So i would think that it would more efficent to run less transformers however with a 50W unit i'd say the magnetising power wouldn't be more than a few watts per unit so im not sure how much you would save.


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