Production Possibilities Application Based Activity
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What is the opportunity cost of one cake if we move from combination A to combination B?
0.75 cookies (35-38)/(4-0)
What is the opportunity cost of producing one more cake as we move from combination B to combination C?
2.30 cookies (28-35)/(7-4)
What is the opportunity cost of producing one more cake if we move from combination C to combination D?
5 cookies (18-28)/(9-7)
What is the opportunity cost of one cake if we move from combination D to combination E?
8 cookies (0-18)/(10-9)
Law of Economics means?
The law of increasing opportunity costs
