Suppose Hilary is currently using combination D, producing one crochet hat per day. Her opportunity cost of producing a second crochet hat per day is per day. Now, suppose Hilary is currently using combination C, producing two crochet hats per day. Her opportunity cost of producing a third crochet hat per day is per day. From the previous analysis, you can determine that as Hilary increases her production of crochet hats, her opportunity cost of producing one more crochet hat Suppose Hilary buys a new tool that enables her to produce twice as many crochet hats per hour as before, but it doesn't affect her ability to produce pillows. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more crochet hats per hour, Hilary's opportunity cost of producing pillows is it was previously.

Suppose Hilary is currently using combination D, producing one crochet hat per day. Her opportunity cost of producing a second crochet hat per day is per day. Now, suppose Hilary is currently using combination C, producing two crochet hats per day. Her opportunity cost of producing a third crochet hat per day is per day. From the previous analysis, you can determine that as Hilary increases her production of crochet hats, her opportunity cost of producing one more crochet hat Suppose Hilary buys a new tool that enables her to produce twice as many crochet hats per hour as before, but it doesn't affect her ability to produce pillows. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more crochet hats per hour, Hilary's opportunity cost of producing pillows is it was previously.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 12RQ: What is the difference between microeconomics and macroeconomics?

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