Figure 3-7Bintu's Production Possibilities Frontier Juba's Production Possibilities Frontier10cups10986LL4321dowis9865432↑cups11 2 3 41/4 cup.1/2 cup.4 cups.5 6 7 8Refer to Figure 3-7. The opportunity cost of 1 bowl for Bintu is2 cups.+ +1 2 3 45 6 7 8 bowls

The opportunity cost is the next best alternative cost. According to an individual perspective, if…

Figure 3-7 Bintu's Production Possibilities Frontier Juba's Production Possibilities Frontier 10 9 8 7 6 5 4 3 2 1 ↑cups + 1 2 3 4 5 6 1/4 cup. 1/2 cup. 4 cups. 8 2 cups. bowls 10 ↑caps 9- 8 7 Refer to Figure 3-7. The opportunity cost of 1 bowl for Bintu is 3+ 2- 1 2 3 4 5 8 bowls

Figure 3-7 Bintu's Production Possibilities Frontier Juba's Production Possibilities Frontier 10 9 8 7 6 5 4 3 2 1 ↑cups + 1 2 3 4 5 6 1/4 cup. 1/2 cup. 4 cups. 8 2 cups. bowls 10 ↑caps 9- 8 7 Refer to Figure 3-7. The opportunity cost of 1 bowl for Bintu is 3+ 2- 1 2 3 4 5 8 bowls

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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

Figure 3-7
Bintu's Production Possibilities Frontier Juba's Production Possibilities Frontier
10
cups
10
9
8
6
LL
4
3
2
1
dowis
9
8
6
5
4
3
2
↑cups
1
1 2 3 4
1/4 cup.
1/2 cup.
4 cups.
5 6 7 8
Refer to Figure 3-7. The opportunity cost of 1 bowl for Bintu is
2 cups.
+ +
1 2 3 4
5 6 7 8 bowls

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4.
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which seems to be correct?
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