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If I want to catch 1 more fish, what does this cost me in terms of bottles of water?

If I want to catch 1 more fish, what does this cost me in terms of bottles of water?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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First I should think about my opportunity costs.

Question: If I want to catch 1 more fish, what does this cost me in terms of bottles of water?

 

 

What I think: Is the opportunity cost of one more fish 1/2 bottle of water??

.later that day... Rhonda's Water Purification and Fishing Capabilities (S) Hours Required for 1 Unit Total Possible Production in 12 Hours Alright, I have figured out that it takes me 3 hours to catch a fish and 1.5 hours to purify a bottle of water. I can work for 12 hours a day. Fish 3 4 Water 1.5 8 Rhonda DAY 2 I might need to catch fish and purify water to survive this show. Rhonda I need to think through my different production possibilities so I can plan for tomorrow. Rhonda First, I should think about my opportunity costs. If I want to catch one more fish, what does this cost me in terms of bottles of water? Rhonda The opportunity cost of one more fish is 1/2 bottle of water. The opportunity cost of one more fish is 2 bottles of water.
Transcribed Image Text:.later that day... Rhonda's Water Purification and Fishing Capabilities (S) Hours Required for 1 Unit Total Possible Production in 12 Hours Alright, I have figured out that it takes me 3 hours to catch a fish and 1.5 hours to purify a bottle of water. I can work for 12 hours a day. Fish 3 4 Water 1.5 8 Rhonda DAY 2 I might need to catch fish and purify water to survive this show. Rhonda I need to think through my different production possibilities so I can plan for tomorrow. Rhonda First, I should think about my opportunity costs. If I want to catch one more fish, what does this cost me in terms of bottles of water? Rhonda The opportunity cost of one more fish is 1/2 bottle of water. The opportunity cost of one more fish is 2 bottles of water.
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The opportunity cost of 1 water bottle is 2 fishes.

Which also means the opportunity cost of one more fish is 1/2 bottle of water.

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