Essay
The production possibilities table below shows the hypothetical relationship between the production of food and clothing in an economy.
(a) What is the marginal opportunity cost of producing the second unit of clothing?
(b) What is the total opportunity cost of producing two units of clothing?
(c) What is the marginal opportunity cost of producing the third unit of clothing?
(d) What is the total opportunity cost of producing three units of clothing?
Correct Answer:
Verified
(a) 5 units of food (18 - 13 =...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q50: What is meant by the "the individual's
Q51: Evaluate.Since the production possibilities curve can shift
Q52: "Economic models are somewhat like different types
Q53: Use marginal analysis to explain why it
Q54: A production possibilities table for two products,
Q55: "Economics cannot be scientific because it is
Q57: A production possibilities table for two products,
Q58: How do income changes affect the position
Q59: Describe the slope of a direct and
Q60: What were the approximate average incomes of