Homework Answers
Ans 1. Option (c)
Opportunity cost is the amount of a good that has to be given up in order to produce another good.
When 1 car is produced, then 200 bicycles are produced.
When 2 cars are produced then 165 bicycles are produced.
Opportunity cost of producing 2nd car equals:
200 - 165 = 35
Ans 3.) Option (c)
It is possible to produce 2 cars and 180 bicyles , but the resources are not being efficiently. It could be the case that the resources which are well-suited to the production of bicycles are diverted towards the production of cars as the opportunity cost of producing a car is increasing at every successive production of car.
This is well illustrated with the given information in the table:
When 3rd car is produced, 65 bicycles have to be given up.When 4th car is produced, 100 bicycles are given up
and there is no production of bicycles after that.
Add Answer to:
just need to check 1 and 3
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