23. Using the production possibilities table below, pleaseanswer the following question:Type of ProductionSchoolsMissilesType of ProductionSchoolsMissilesA016A016Production AlternativesIf the economy were at point D, what would be theopportunity cost of building 4 more schools?24. Using the production possibilities table below, pleaseanswer the following question:B415B415Production AlternativesC812с812D127E160D127If the economy were at point D, what would be theopportunity cost of building one more missile? Please showyour calculation for full points.E160 25. Write out the midpoint formula for the Elasticity ofSupply. Please spell out variables but mathematical symbolsare OK to use:26. Using the data on supply below, plug the correct numbersinto your midpoint formula for elasticity of supply that yougave in question 25. Note: do not solve for elasticity of supplyhere.Number of Close Substitutes24Price$ 3.50$ 4.50Quantity4555Number of Buyers12001500

Answered: 23. Using the production possibilities…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

25. Write out the midpoint formula for the Elasticity of
Supply. Please spell out variables but mathematical symbols
are OK to use:
26. Using the data on supply below, plug the correct numbers
into your midpoint formula for elasticity of supply that you
gave in question 25. Note: do not solve for elasticity of supply
here.
Number of Close Substitutes
2
4
Price
$ 3.50
$ 4.50
Quantity
45
55
Number of Buyers
1200
1500

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Opportunity cost:

The value of alternative opportunities foregone and sacrificed to acquire one unit of a commodity is known as the opportunity cost of that commodity in terms of the foregone alternatives.

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