a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output produced (number of planes) using the table below: Instructions: Enter your responses as a whole number. Military output Consumer goods output Opportunity cost 0 100 1 95 2 80 3 60 b. As military output increases, opportunity costs decrease 4 35 5 0

a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output produced (number of planes) using the table below: Instructions: Enter your responses as a whole number. Military output Consumer goods output Opportunity cost 0 100 1 95 2 80 3 60 b. As military output increases, opportunity costs decrease 4 35 5 0

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.3P

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