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xxTIMURxx [149]
2 years ago
6

Point x on a linear production possibilities curve represents a combination of 50 watches and 20 clocks, and point y represents

20 watches and 80 clocks. Suppose, clocks are on the vertical axis and watches are on the horizontal axis. The opportunity cost of producing one watch is:
Business
1 answer:
Veronika [31]2 years ago
4 0

Based on the coordinates of point x and those of point y on the linear production possibilities curve, the opportunity cost of producing one watch is 2 fewer clocks.

<h3>What is the opportunity cost of producing one watch?</h3>

The opportunity cost of producing one watch is the number of clocks that needs to be given up per watch.

This will therefore be the slope of the linear production possibilities curve which can be found as:

= (Y₂ - Y₁) / (X₂ - X₁)

Solving gives:

= (80 - 20) / (20 - 50)

= 60 / -20

= -2 clocks

This means that for every watch produced, there will be 2 clocks that will be foregone to make that watch.

In conclusion, the opportunity cost is 2 clocks.

Find out more on opportunity cost at brainly.com/question/481029.

#SPJ1

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