ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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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 b…
Question

Lesson 2 Assignment

 

 

Product

Combo A

Combo B

Combo C

Combo D

Combo E

Motorcycles

0

2

4

6

8

Surfboards

30

27

21

12

0

 

 

  1. Graph the above production data, putting motorcycles on the horizontal axis.

 

 

 

 

 

 

 

 

 

 

 

  1. What are the opportunity costs of moving from point B to point D and from point D to point A?

 

 

  1. Point F represents 3 motorcycles and 21 surfboards. Plot this point on your graph and explain what it represents.

 

 

Point G represents 5 motorcycles and 24 surfboards. Plot this point on your graph and explain what it represents.

Expert Solution
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Opportunity cost refers to value of next best alternative for the given level of resources. It is the decrease in production of one good needed to increase production of other good

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