Assume that quantities do not need to be integers. That is, it is feasible for Andreas to knit 37.25 pairs of mittens. It takes Andreas 3 hours to knit a pair of mittens and 6 hours to knit a scarf. Assuming efficient production, what is the opportunity cost, in terms of pairs of mittens, of Andreas choosing to knit one extra scarf?
Assume that quantities do not need to be integers. That is, it is feasible for Andreas to knit 37.25 pairs of mittens. It takes Andreas 3 hours to knit a pair of mittens and 6 hours to knit a scarf. Assuming efficient production, what is the opportunity cost, in terms of pairs of mittens, of Andreas choosing to knit one extra scarf?
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.2P
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Assume that quantities do not need to be integers. That is, it is feasible for Andreas to knit 37.25 pairs of mittens.
It takes Andreas 3 hours to knit a pair of mittens and 6 hours to knit a scarf. Assuming efficient production, what is the
Enter a number (and only a number, no units) rounded to two decimal places. If your answer is 1.275, enter 1.28.
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