**Educational Resource Content: Opportunity Cost Calculation****Problem Statement:**a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output (number of planes) produced using the table below:**Instructions:**- Enter your responses as whole numbers.| **Military Output** (number of planes) | **0** | **1** | **2** | **3** | **4** | **5** ||----------------------------------------|-------|-------|-------|-------|-------|-------|| **Consumer Goods Output** (millions of pounds of butter) | 100 | 90 | 75 | 55 | 30 | 0 || **Opportunity Cost** | - | | | | | |**Analysis of the Table:**1. **Military Output and Consumer Goods Output:** - The table lists the output of consumer goods (in millions of pounds of butter) corresponding to different levels of military output (number of planes produced). - As the military output increases, the consumer goods output decreases.2. **Opportunity Cost Calculation:** - The opportunity cost is the amount of consumer goods forgone to produce an additional unit of military output.**Steps for Calculation:**- For 0 to 1 military unit, the opportunity cost is $ 100 - 90 = 10 $ million pounds of butter.- For 1 to 2 military units, the opportunity cost is $ 90 - 75 = 15 $ million pounds of butter.- For 2 to 3 military units, the opportunity cost is $ 75 - 55 = 20 $ million pounds of butter.- For 3 to 4 military units, the opportunity cost is $ 55 - 30 = 25 $ million pounds of butter.- For 4 to 5 military units, the opportunity cost is $ 30 - 0 = 30 $ million pounds of butter.Thus, the completed table for opportunity cost will be:| **Military Output** (number of planes) | **0** | **1** | **2** | **3** | **4** | **5** ||----------------------------------------|-------|-------|-------|-------|-------|-------|| **Consumer Goods Output** (millions of pounds of butter) |

We need to calculate the opportunity cost in forgone consumer goods for each additional unit of…

a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output (number of planes) produced using the table below: Instructions: Enter your responses as whole numbers. 2 3 4 Military output Consumer goods output 100 90 75 55 30 Opportunity cost b. As military output increases, opportunity costs (Click to select)

a. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output (number of planes) produced using the table below: Instructions: Enter your responses as whole numbers. 2 3 4 Military output Consumer goods output 100 90 75 55 30 Opportunity cost b. As military output increases, opportunity costs (Click to select)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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