The people of Leisure Island have 50 hours of labor a day that can be used to produce entertainment and good food. The table shows the maximum quantity of either entertainment or good food that Leisure Island can produce with different quantities of labor. >>> Answer to 1 decimal place below. When Leisure Island produces 40 units of entertainment and 200 units of food, the units of opportunity cost of producing an additional unit of entertainment is food. When production is 80 units of entertainment and 240 units of food a day, the opportunity cost of producing another unit of entertainment is units of food. When production is 120 units of entertainment and 200 units of food a day, the opportunity cost of producing another unit of entertainment is units of food. When Leisure Island is producing on its PPF, the opportunity cost of producing a unit of entertainment as more entertainment is produced. OA. increases and then decreases OB. does not change OC. increases OD. decreases Labor 0 10 20 30 40 50 Entertainment (units) 0 40 80 120 160 200 or or or or or or Good food (units) 0 120 200 240 260 268

The people of Leisure Island have 50 hours of labor a day that can be used to produce entertainment and good food. The table shows the maximum quantity of either entertainment or good food that Leisure Island can produce with different quantities of labor. >>> Answer to 1 decimal place below. When Leisure Island produces 40 units of entertainment and 200 units of food, the units of opportunity cost of producing an additional unit of entertainment is food. When production is 80 units of entertainment and 240 units of food a day, the opportunity cost of producing another unit of entertainment is units of food. When production is 120 units of entertainment and 200 units of food a day, the opportunity cost of producing another unit of entertainment is units of food. When Leisure Island is producing on its PPF, the opportunity cost of producing a unit of entertainment as more entertainment is produced. OA. increases and then decreases OB. does not change OC. increases OD. decreases Labor 0 10 20 30 40 50 Entertainment (units) 0 40 80 120 160 200 or or or or or or Good food (units) 0 120 200 240 260 268

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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