Question

A. Compute the opportunity cost in forgone consumer goods (millions of pounds of butter) for each additional unit of military output
(number of planes) produced using the table below:
Instructions: Enter your responses as a whole number.

Answer 1

Opportunity cost when 3 military outfits are produced is 30

Opportunity cost when 4 military outfits are produced is - 35.

Opportunity cost when 5 military outfits are produced  is -50.

As military outfit increases, opportunity cost declines.

What is the opportunity cost?

Opportunity cost of the next best option forgone when one alternative is chosen over other alternatives

What is the opportunity cost of producing military outfits?

Opportunity cost = change in the total pounds of butter produced /  change in total outfit produced

Opportunity cost when 3 military outfits are produced = (85 - 115) / (3 - 2) = 30

Opportunity cost when 4 military outfits are produced = (50 - 85) / (4 - 3) = - 35

Opportunity cost when 5 military outfits are produced = (0 - 50) / (5 - 4) = -50

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