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Cho is a skilled toy maker who is able to produce both boats and puzzles. 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) (Puzzles) (Boats) (Puzzles) 8 4 B 6 2 10 4 4 16 D 6. 19 8. 20

Cho is a skilled toy maker who is able to produce both boats and puzzles. 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) (Puzzles) (Boats) (Puzzles) 8 4 B 6 2 10 4 4 16 D 6. 19 8. 20

Principles of Economics 2e
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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Now, suppose Cho 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 Cho increases her production of boats, her opportunity cost of producing one more boat Suppose Cho buys a new tool that enables her to produce twice as many boats per hour as before, but it doesn't affect her ability to produce puzzles. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more boats per hour, Cho's opportunity cost of producing puzzles is it was previously.
Transcribed Image Text:Now, suppose Cho 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 Cho increases her production of boats, her opportunity cost of producing one more boat Suppose Cho buys a new tool that enables her to produce twice as many boats per hour as before, but it doesn't affect her ability to produce puzzles. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more boats per hour, Cho's opportunity cost of producing puzzles is it was previously.
nity cost and production possibilities Cho is a skilled toy maker who is able to produce both boats and puzzles. 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 (Вoats) (Puzzles) (Boats) (Puzzles) A 4. 3 10 C 4. 4. 16 D 2 6. 1 19 8 20
Transcribed Image Text:nity cost and production possibilities Cho is a skilled toy maker who is able to produce both boats and puzzles. 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 (Вoats) (Puzzles) (Boats) (Puzzles) A 4. 3 10 C 4. 4. 16 D 2 6. 1 19 8 20
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