(plus symbols) represent three possible output levels in a given month. You can click on the points to see their exact coordinates. (? 40 35 с + B ++ 0 90 720 180 270 380 450 540 630 STEEL (Millions of tons) Suppose the economy initially produces 15,000 pieces of clothing and 450 million tons of steel, which is represented by point A. The opportunity cost of producing an additional 5,000 pieces of clothing (that is, moving production to point B) is_ tons of steel. (A. 54 million, B. 72 Million, C. 90 Million, D. 108 Million. E. 135 Million) Suppose, instead, that the economy currently produces 378 million tons of steel and 20,000 pieces of clothing, which is represented by point B. Now the opportunity cost of producing an additional 5,000 pieces of clothing (that is, moving to point C) is ___ tons of steel. (A. 54 Million B. 72 Million C. 90 million E. 108 Million E.135 Million) Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 5,000 additional pieces of clothing at point B is ___________ the opportunity cost of 5,000 additional pieces of clothing at point A. (A.greater than B. Less than C. Equal to) CLOTHING (Thousands of pieces) 5 0 PPC

(plus symbols) represent three possible output levels in a given month. You can click on the points to see their exact coordinates. (? 40 35 с + B ++ 0 90 720 180 270 380 450 540 630 STEEL (Millions of tons) Suppose the economy initially produces 15,000 pieces of clothing and 450 million tons of steel, which is represented by point A. The opportunity cost of producing an additional 5,000 pieces of clothing (that is, moving production to point B) is_ tons of steel. (A. 54 million, B. 72 Million, C. 90 Million, D. 108 Million. E. 135 Million) Suppose, instead, that the economy currently produces 378 million tons of steel and 20,000 pieces of clothing, which is represented by point B. Now the opportunity cost of producing an additional 5,000 pieces of clothing (that is, moving to point C) is _ tons of steel. (A. 54 Million B. 72 Million C. 90 million E. 108 Million E.135 Million) Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 5,000 additional pieces of clothing at point B is _________ the opportunity cost of 5,000 additional pieces of clothing at point A. (A.greater than B. Less than C. Equal to) CLOTHING (Thousands of pieces) 5 0 PPC

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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