The primary coil makes a changing flux in the iron, the flux makes a voltage in the secondary: V2/V1 = N2/N1. Then the real world arrives: wire resistance, leakage, iron that saturates and eddy currents that heat the core.
Efficiency peaks where copper loss (grows with I²) equals core loss (almost constant). The dot marks the present load.
The flux density swings between the two marked dots each cycle. Past the knee a small increase of B needs a big increase of H: the magnetising current becomes peaky.
The science
Faraday's law. The emf in a winding is e = N dΦ/dt. For a sine supply the rms voltage and the peak flux density are tied by V = 4.44 f N Bpk A, so a core of area A carries Bpk = V/(4.44 f N A). With the same core flux linking both windings, V2/V1 = N2/N1 and (ampere-turns balance) I1 N1 ≈ I2 N2.
Equivalent circuit. Referred to the primary: winding resistance R1 and leakage reactance X1 in series, then the magnetising branch (Rc for core loss in parallel with Xm), then the secondary R2', X2' and the load. We solve it with complex phasors and iterate, because Xm and Rc depend on the flux.
Saturation. The iron is modelled as B = Bs tanh(μ0 μr H / Bs) (μr = 7000, Bs = 2.0 T). The magnetising current is im = H lc / N1, found point by point over a cycle, so near the knee the current waveform becomes peaked and Xm falls (we use the fundamental).
Losses. Copper: I1² R1 + I2² R2, with R = ρ N lturn / Aw (ρ = 2.1e-8 Ω m, hot copper, 0.30 m per turn). Core: hysteresis kh f B1.8 per kg plus classical eddy current loss π² σ t² f² B² / (6 ρd) per kg for laminations of thickness t (σ = 2 MS/m, ρd = 7650 kg/m³). Halving the lamination thickness cuts the eddy loss by four; that is why cores are stacks of insulated plates.
Simplifications. Single-valued B(H) (the hysteresis loop width enters only through kh), classical eddy loss (valid only when t is much less than the skin depth, so the slider stops at 1 mm), no temperature feedback, no inrush transient, no capacitance, no harmonics in the load, leakage lumped. Coil turn counts drawn in 3D are fixed (18 and 30) and are not the N1 and N2 you set. The sliders use model values, not a particular product. Models built with Blender, scene by Three.js.