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

Refer to Figure 3-3. Tanek’s opportunity cost of one burrito is

 

a. 

3/4 taco and Barb’s opportunity cost of one burrito is 1/2 taco.

 

b. 

3/4 taco and Barb’s opportunity cost of one burrito is 2 tacos.

 

c. 

4/3 tacos and Barb’s opportunity cost of one burrito is 1/2 taco.

 

d. 

4/3 tacos and Barb’s opportunity cost of one burrito is 2 tacos.

500
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Tanek's PPF
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TACOS
BURRITOS
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Transcribed Image Text:500 450 400 350 300 Tanek's PPF 250 200 150 100 50 50 100 150 200 250 300 350 400 450 500 TACOS BURRITOS
500
450
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Barb's PPF
150
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TACOS
BURRITOS
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Transcribed Image Text:500 450 400 350 300 250 200 Barb's PPF 150 100 50 50 100 150 200 250 300 350 400 450 500 TACOS BURRITOS
Expert Solution
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Step 1

Opportunity cost indicates the forgone benefits from the next best alternative. 

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