4. Opportunity cost and production possibilitiesPoornima is a skilled toy maker who is able to produce both boats and drums. She has a 3 hours. day to produce toys. The following table shows thedaily output resulting from various possible combinations of her time.ProducedHours Producing(Boats) (Drums)ChoiceA80B62C44D2E?DRUMS302520151050068(Boats)43210(Drums)038131516Initial PPFNew PPF01246785BOATSSuppose Poornima is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day isper day.Now, suppose Poornima is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day isper day.From the previous analysis, you can determine that as Poornima increases her production of boats, her opportunity cost of producing one more boat

The cost of the next best alternative foregone is reffered to be as opportunity cost

Poornima is a skilled toy maker who is able to produce both boats and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Hours Producing Produced Choice (Boats) (Drums) A 8 0 B 6 с 4 D 2 E 0 ? 30 25 20 DRUMS 5 10 5 2 4 6 8 (Boats) 4 3 2 1 0 3 (Drums) 0 8 13 15 16 0 1 2 6 7 8 4 BOATS Suppose Poornima is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Poornima is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Poornima increases her production of boats, her opportunity cost of producing one more boat Initial PPF ÷ New PPF 5

Poornima is a skilled toy maker who is able to produce both boats and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Hours Producing Produced Choice (Boats) (Drums) A 8 0 B 6 с 4 D 2 E 0 ? 30 25 20 DRUMS 5 10 5 2 4 6 8 (Boats) 4 3 2 1 0 3 (Drums) 0 8 13 15 16 0 1 2 6 7 8 4 BOATS Suppose Poornima is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Poornima is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Poornima increases her production of boats, her opportunity cost of producing one more boat Initial PPF ÷ New PPF 5

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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