Assume that quantities do not need to be integers. That is, it is feasible for Andreas to knit 37.25 pairs of mittens. Andreas can knit 6 pairs of mittens in an hour. He can knit 5 scarves in an hour. Assuming efficient production, what is the opportunity cost, in terms of pairs of mittens, of Andreas choosing to knit one extra scarf?

Assume that quantities do not need to be integers. That is, it is feasible for Andreas to knit 37.25 pairs of mittens. Andreas can knit 6 pairs of mittens in an hour. He can knit 5 scarves in an hour. Assuming efficient production, what is the opportunity cost, in terms of pairs of mittens, of Andreas choosing to knit one extra scarf?

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 9SQP

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Assume that quantities do not need to be integers. That is, it is feasible for Andreas to knit 37.25 pairs of mittens. It takes Andreas 5 hours to knit a pair of mittens and 8 hours to knit a scarf. Assuming efficient production, what is the opportunity cost, in terms of pairs of mittens, of Andreas choosing to knit one extra scarf?
Assume that quantities do not need to be integers. That is, it is feasible for Andreas to knit 37.25 pairs of mittens. It takes Andreas 3 hours to knit a pair of mittens and 6 hours to knit a scarf. Assuming efficient production, what is the opportunity cost, in terms of pairs of mittens, of Andreas choosing to knit one extra scarf? Enter a number (and only a number, no units) rounded to two decimal places. If your answer is 1.275, enter 1.28.
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