A company consists of two people-Freya and Ingrid. Each has 15 hours to allocate between building fences or decks. The number of each they can build in one hour are given in the table below. Suppose they produce jointly and assume efficient production. If the company produces 1 fence, what is the company's Opportunity Cost of an extra fence in terms of decks? Enter a number only.

A company consists of two people-Freya and Ingrid. Each has 15 hours to allocate between building fences or decks. The number of each they can build in one hour are given in the table below. Suppose they produce jointly and assume efficient production. If the company produces 1 fence, what is the company's Opportunity Cost of an extra fence in terms of decks? Enter a number only.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 2SCQ: Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that...

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