5. Opportunity cost and production possibilitiesHubert is a skilled toy maker who is able to produce both boats and kites. He has 8 hours a day to produce toys. The following table shows the dailyoutput resulting from various possible combinations of his time.Hours ProducingProducedChoice(Вoats)(Kites)(Вoats)(Kites)A84B623944213D6.1.16E817 On the following graph, use the blue points (circle symbol) to plot Hubert's initial production possibilities frontier (PPF).3025Initial PPF20New PPF15105134BOATSSuppose Hubert is currently using combination D, producing one boat per day. His opportunity cost of producing a second boat per day isv per day.Now, suppose Hubert is currently using combination C, producing two boats per day. His opportunity cost of producing a third boat per day isper day.From the previous analysis, you can determine that as Hubert increases his production of boats, his opportunity cost of producing one more boatSuppose Hubert buys a new tool that enables him to produce twice as many boats 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 boats per hour, Hubert's opportunity cost of producing kites isv it was previously.KITES

Opportunity cost is the sacrifice made in one commodity to get more of other. It can be said as the…

5. Opportunity cost and production possibilities Hubert is a skilled toy maker who is able to produce both boats and kites. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Boats) (Kites) (Boats) (Kites) A 8 4 B 6 3 4 4 13 D 2 16 8. 17 1. 2.

5. Opportunity cost and production possibilities Hubert is a skilled toy maker who is able to produce both boats and kites. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Boats) (Kites) (Boats) (Kites) A 8 4 B 6 3 4 4 13 D 2 16 8. 17 1. 2.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 4SCQ: Edna is living in a retirement home where home where most of her needs are taken care of, but she...

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