BASKETS 30 25 20 15 O 10 5 0 0 + 1 2 3 4 TEA TOWELS 5 6 7 8 o Initial PPF A New PPF Suppose Crystal is currently using combination D, producing one tea towel per day. Her opportunity cost of producing a second tea towel per day is per day. Now, suppose Crystal is currently using combination C, producing two tea towels per day. Her opportunity cost of producing a third tea towel per day is per day. From the previous analysis, you can determine that as Crystal increases her production of tea towels, her opportunity cost of producing one more tea towel Suppose Crystal buys a new tool that enables her to produce twice as many tea towels per hour as before, but it doesn't affect her ability to produce baskets. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more tea towels per hour, Crystal's opportunity cost of producing baskets is it was previously.

BASKETS 30 25 20 15 O 10 5 0 0 + 1 2 3 4 TEA TOWELS 5 6 7 8 o Initial PPF A New PPF Suppose Crystal is currently using combination D, producing one tea towel per day. Her opportunity cost of producing a second tea towel per day is per day. Now, suppose Crystal is currently using combination C, producing two tea towels per day. Her opportunity cost of producing a third tea towel per day is per day. From the previous analysis, you can determine that as Crystal increases her production of tea towels, her opportunity cost of producing one more tea towel Suppose Crystal buys a new tool that enables her to produce twice as many tea towels per hour as before, but it doesn't affect her ability to produce baskets. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more tea towels per hour, Crystal's opportunity cost of producing baskets is it was previously.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter1: What Is Economics?

Section1.A: Appendix Using Graphs: A Review

Problem 3TY

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