Homework Help is Here – Start Your Trial Now!
Business
Economics
If I want to catch 1 more fish, what does this cost me in terms of bottles of water?

If I want to catch 1 more fish, what does this cost me in terms of bottles of water?

Principles of Economics 2e
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...
See similar textbooks
icon
Related questions
Question

First I should think about my opportunity costs.

Question: If I want to catch 1 more fish, what does this cost me in terms of bottles of water?

 

 

What I think: Is the opportunity cost of one more fish 1/2 bottle of water??

.later that day... Rhonda's Water Purification and Fishing Capabilities (S) Hours Required for 1 Unit Total Possible Production in 12 Hours Alright, I have figured out that it takes me 3 hours to catch a fish and 1.5 hours to purify a bottle of water. I can work for 12 hours a day. Fish 3 4 Water 1.5 8 Rhonda DAY 2 I might need to catch fish and purify water to survive this show. Rhonda I need to think through my different production possibilities so I can plan for tomorrow. Rhonda First, I should think about my opportunity costs. If I want to catch one more fish, what does this cost me in terms of bottles of water? Rhonda The opportunity cost of one more fish is 1/2 bottle of water. The opportunity cost of one more fish is 2 bottles of water.
Transcribed Image Text:.later that day... Rhonda's Water Purification and Fishing Capabilities (S) Hours Required for 1 Unit Total Possible Production in 12 Hours Alright, I have figured out that it takes me 3 hours to catch a fish and 1.5 hours to purify a bottle of water. I can work for 12 hours a day. Fish 3 4 Water 1.5 8 Rhonda DAY 2 I might need to catch fish and purify water to survive this show. Rhonda I need to think through my different production possibilities so I can plan for tomorrow. Rhonda First, I should think about my opportunity costs. If I want to catch one more fish, what does this cost me in terms of bottles of water? Rhonda The opportunity cost of one more fish is 1/2 bottle of water. The opportunity cost of one more fish is 2 bottles of water.
Expert Solution
Step 1

The opportunity cost of 1 water bottle is 2 fishes.

Which also means the opportunity cost of one more fish is 1/2 bottle of water.

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Opportunity Cost
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS