Suppose Kevin is currently using combination D, producing one train per day. His opportunity cost of producing a second train per day is_____per day. Now, suppose Kevin is currently using combination C, producing two trains per day. His opportunity cost of producing a third train per day is_____per day. From the previous analysis, you can determine that as Kevin increases his production of trains, his opportunity cost of producing one more train_____. Suppose Kevin buys a new tool that enables him to produce twice as many trains per hour as before, but it doesn't affect his ability to produce kites. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Because he can now make more trains per hour, Kevin's opportunity cost of producing kites is_______it was previously.

Suppose Kevin is currently using combination D, producing one train per day. His opportunity cost of producing a second train per day is___per day. Now, suppose Kevin is currently using combination C, producing two trains per day. His opportunity cost of producing a third train per day is_per day. From the previous analysis, you can determine that as Kevin increases his production of trains, his opportunity cost of producing one more train_. Suppose Kevin buys a new tool that enables him to produce twice as many trains per hour as before, but it doesn't affect his ability to produce kites. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Because he can now make more trains per hour, Kevin's opportunity cost of producing kites is_____it was previously.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

ChapterA: The Use Of Mathematics In Principles Of Economics

Section: Chapter Questions

Problem 3RQ: Exercise A3 What dome slices of a pie chart represent?

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