5. Opportunity cost and production possibilities Eleanor is a talented artist who sells hand-crafted goods on her website. Beanor currently crafts and sells both knit caps and cutting boards. She spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good. Hours Crafting Produced Choice (Knit caps) (Cutting boards) (Knit caps) (Cutting boards) CUTTING BOARDS R 4 2 0 A 8 On the following graph, use the blue points (circle symbol) to plot Eleanor's initial production possibilities frontier (PPF). 3 3 2 1 4 KNIT CAPS 0 0 10 16 18 19 Initial PPF New PPF Suppose Eleanor is currently using combination D, producing one knit cap per day. Her opportunity cost of producing a second knit cap per day is per day. Now, suppose Eleanor is currently using combination C, producing two knit caps per day. Her opportunity cost of producing a third knit cap per day is per day. From the previous analysis, you can determine that as Eleanor increases her production of knit caps, her opportunity cost of producing one more knit cap

5. Opportunity cost and production possibilities Eleanor is a talented artist who sells hand-crafted goods on her website. Beanor currently crafts and sells both knit caps and cutting boards. She spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good. Hours Crafting Produced Choice (Knit caps) (Cutting boards) (Knit caps) (Cutting boards) CUTTING BOARDS R 4 2 0 A 8 On the following graph, use the blue points (circle symbol) to plot Eleanor's initial production possibilities frontier (PPF). 3 3 2 1 4 KNIT CAPS 0 0 10 16 18 19 Initial PPF New PPF Suppose Eleanor is currently using combination D, producing one knit cap per day. Her opportunity cost of producing a second knit cap per day is per day. Now, suppose Eleanor is currently using combination C, producing two knit caps per day. Her opportunity cost of producing a third knit cap per day is per day. From the previous analysis, you can determine that as Eleanor increases her production of knit caps, her opportunity cost of producing one more knit cap

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 12RQ: What is the difference between microeconomics and macroeconomics?

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