Don't use chat gpt These graphs illustrate the production possibilities available for dancing shoes to Fred and Ginger with 40 hoursof labour.BalletSlippers109876543210 1 2FredBalletSlippers109876543216 7 8 9 10 TapShoes0 123Select one:O a. 5/3 pairs of ballet slippersO b. 1/3 pair of ballet slippersc. 3/5 pair of ballet slippersO d. 1/5 pair of ballet slippersGinger6 7 8 9 10 TapShoesRefer to Figure 3-5. What is the opportunity cost of one pair of tap shoes for Fred?

Opportunity cost is defined as the cost of next best alternative foregone Now in this case the…

Refer to Figure 3-5. What is the opportunity cost of one pair of tap shoes for Fred? Select one: O a. 5/3 pairs of ballet slippers O b. 1/3 pair of ballet slippers O c. 3/5 pair of ballet slippers O d. 1/5 pair of ballet slippers

Refer to Figure 3-5. What is the opportunity cost of one pair of tap shoes for Fred? Select one: O a. 5/3 pairs of ballet slippers O b. 1/3 pair of ballet slippers O c. 3/5 pair of ballet slippers O d. 1/5 pair of ballet slippers

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Don't use chat gpt

These graphs illustrate the production possibilities available for dancing shoes to Fred and Ginger with 40 hours
of labour.
Ballet
Slippers
10
9
8
7
6
5
4
3
2
1
0 1 2
Fred
Ballet
Slippers
10
9
8
7
6
5
4
3
2
1
6 7 8 9 10 Tap
Shoes
0 123
Select one:
O a. 5/3 pairs of ballet slippers
O b. 1/3 pair of ballet slippers
c. 3/5 pair of ballet slippers
O d. 1/5 pair of ballet slippers
Ginger
6 7 8 9 10 Tap
Shoes
Refer to Figure 3-5. What is the opportunity cost of one pair of tap shoes for Fred?

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