1.The production possibilities curve below show the hypothetical relationship between the production of food and clothing in an economy. Food Clothing TII 7 18 22 Combination ABCDE 61362 4 3 2 1 0 (a) What is the marginal opportunity cost of producing the second unit of clothing? (b) What is the total opportunity cost of producing the second unit of clothing?

1.The production possibilities curve below show the hypothetical relationship between the production of food and clothing in an economy. Food Clothing TII 7 18 22 Combination ABCDE 61362 4 3 2 1 0 (a) What is the marginal opportunity cost of producing the second unit of clothing? (b) What is the total opportunity cost of producing the second unit of clothing?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Concept explainers

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.

Question

1. The production possibilities curve below show the hypothetical relationship between the production of food
and clothing in an economy.
Combination
Food
0
7
13
18
22
ABC
⠀
D
E
Clothing
4
3
210
0
(a) What is the marginal opportunity cost of producing the second unit of clothing?
(b) What is the total opportunity cost of producing the second unit of clothing?
(c) What is the marginal opportunity cost of producing the third unit of clothing?
(d) What is the total opportunity cost of producing the third unit of clothing?

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