Answered: Topic 1.2- (continued)- Answer the…

Topic 1.2- (continued)- Answer the question then show what happens as a result of each scenario 10. Identify three things that shift the production possibilities curve.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.

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Topic 1.2- (continued)- Answer the question then show what happens as a result of each scenario
10. Identify three things that shift the production possibilities curve.
11. Workers lose their jobs
due to a recession
Pizza
12. Increase in consumer demand
for pizza
Pizza
Cars
Topic 1.3- Comparative Advantago and Tundr
Cars
13. More resources to produce
cars
Pizza
Cars

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