Bill spent most of his month’s allowance for expensive tickets to a rock concert after Lorene said she would go with him. On the
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Answer:
The opportunity cost of producing a pound of bananas is 2 pounds of apples.
Explanation:
At a point on the production possibilities frontier, 500 pounds of apples and 1,200 pounds of bananas are being produced.
When quantity of bananas is increased by 100 pounds from 1,200 to 1,300 pounds, the quantity of apples declined by 200 pounds, from 500 pounds to 300 pounds.
The opportunity cost of producing a pound of bananas
=
=
= 2 pounds of apples
Answer:
$4.48
Explanation:
If Shannon needs to make a 12% markup based on cost, to obtain her minimum selling price to her distributor Miller of Denton, simply multiply the production cost per unit by 100% plus the desired markup.
If it costs her $4.00 to produce a six pack, her selling price should be:
She should charge $4.48 per six pack.