Essentials of Economics (MindTap Course List)
8th Edition
ISBN: 9781337091992
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 7, Problem 1QR
To determine
How
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20. Factors 01 pro
B. the technological innovations available to companies.
A. the laws that regulate manufacturers.
C. the resources used to create output
D. the waste left over after goods are produced.
21. Table 1.1 shows the tradeoff between different combinations of missile production and home
construction, ceteris paribus. Complete the table by calculating the required opportunity costs for both
missiles and houses. Then answer the indicated question(s).
Combination
Number of
houses
Opportunity cost
of houses in
Number of
missiles
terms of missiles
J
0
4
K
10,000
3
L
17,000
2
1
M
21,000
0
N
23,000
Opportunity cost
of missiles in
terms of houses
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Essentials of Economics (MindTap Course List)
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