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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Give an example to illustrate each of the following: (a) constant opportunity costs and (b) increasing opportunity costs.

(a)

To determine

Example of constant opportunity cost.

Explanation

The constant opportunity occurs when increasing output of a good does not lead the society to give up more resources to produce that good. For example, a college has $20 million budget, thus, each class costs $25,000 to offer and then the schools can offer 800 classes in a year...

(b)

To determine

Example of increasing opportunity cost.

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