The opportunity cost of gathering firewood is then the calories of fish given up per log of firewood gained. (Fill in the blanks in the formula and perform the calculation). Opportunity Cost of Gathering = cals fish logs woo = calories per log
The opportunity cost of gathering firewood is then the calories of fish given up per log of firewood gained. (Fill in the blanks in the formula and perform the calculation). Opportunity Cost of Gathering = cals fish logs woo = calories per log
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Level 2:
The opportunity cost of gathering firewood is then the calories of fish given up per log of firewood gained. (Fill in the blanks in the formula and perform the calculation).
Opportunity Cost of Gathering
=
cals fish |
|
logs woo |
=
calories per log

Transcribed Image Text:Fish (cals)
7000
6000
5000
4000
3000
2000
1000
0
0
10
20
30
Your PPF
Production Possibility Frontier
40
Friday's PPF
50
60
Firewood (logs)
70
80
90
Both Student and Friday's Production Point
100
110
120
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