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:
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(a)5 units of food (18 - 13 =...View Answer
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Correct Answer:
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(a)5 units of food (18 - 13 =...View Answer
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