Homework Answers
Question 2
The correct option is option a i.e. 6
Solution:
Opportunity cost means the the loss of other alternative when one alternative is chosen
Thus, Opportunity cost of producing the third unit of consumer goods means how many units of capital goods we sacrifice to produce third unit of consumer goods.
Now, while producing 2 units of consumer goods we were producing 24 units of capital goods but as we produce increase production of consumable goods to 3 units, now we can only produce 18 units of capital goods. Thereby the opportunity cost of producing one additional unit of consumer goods is 6 units of capital goods.
In simple statement
Opportunity cost of producing the third unit of consumer goods = 24 units - 18 units i.e. 6 units of capital goods.
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