What is the opportunity cost of increasing production from 16 pizzas to 20 pizzas?
b. What is the opportunity cost of increasing production from 9 umbrellas to 15 umbrellas?
c. What is the opportunity cost of increasing production from 3 umbrellas to 18 umbrellas?
d. What is the opportunity cost of increasing production from 24 pizzas to 26 pizzas?
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a. The opportunity cost of increasing production from 16 pizzas to 20 pizzas is the benefit of the next best alternative that is forgone, which could be, for example, the production of 4 burgers.
b. The opportunity cost of increasing production from 9 umbrellas to 15 umbrellas is the benefit of the next best alternative that is forgone, which could be, for example, the production of 6 raincoats.
c. The opportunity cost of increasing production from 3 umbrellas to 18 umbrellas is the benefit of the next best alternative that is forgone, which could be, for example, the production of 15 hats.
d. The opportunity cost of increasing production from 24 pizzas to 26 pizzas is the benefit of the next best alternative that is forgone, which could be, for example, the production of 2 sandwiches.
To calculate the opportunity cost, we need to determine the alternative that is being given up when production is increased. In this case, the opportunity cost can be measured in terms of the number of pizzas or umbrellas being sacrificed.
a. To calculate the opportunity cost of increasing production from 16 pizzas to 20 pizzas, we need to determine the difference in the number of pizzas. The opportunity cost is 4 pizzas, as those are the pizzas that could have been produced if the production had not been increased.
b. To calculate the opportunity cost of increasing production from 9 umbrellas to 15 umbrellas, we need to determine the difference in the number of umbrellas. The opportunity cost is 6 umbrellas, as those are the umbrellas that could have been produced if the production had not been increased.
c. To calculate the opportunity cost of increasing production from 3 umbrellas to 18 umbrellas, we need to determine the difference in the number of umbrellas. The opportunity cost is 15 umbrellas, as those are the umbrellas that could have been produced if the production had not been increased.
d. To calculate the opportunity cost of increasing production from 24 pizzas to 26 pizzas, we need to determine the difference in the number of pizzas. The opportunity cost is 2 pizzas, as those are the pizzas that could have been produced if the production had not been increased.
To calculate the opportunity cost of increasing production, you need to determine the alternative production that is being given up in order to produce more of a particular good.
a. To find the opportunity cost of increasing production from 16 pizzas to 20 pizzas, you need to consider what is being sacrificed. Let's say the opportunity cost is measured in terms of the number of umbrellas that could have been produced instead. So, if increasing production from 16 pizzas to 20 pizzas means that 5 umbrellas cannot be produced, the opportunity cost would be 5 umbrellas.
b. Similarly, to find the opportunity cost of increasing production from 9 umbrellas to 15 umbrellas, you need to determine what is being foregone. Let's say the opportunity cost is measured in terms of pizzas. If increasing production from 9 umbrellas to 15 umbrellas means that 10 pizzas cannot be produced, the opportunity cost would be 10 pizzas.
c. In this case, to find the opportunity cost of increasing production from 3 umbrellas to 18 umbrellas, you need to consider the alternative production that is being given up. If increasing production from 3 umbrellas to 18 umbrellas means that 15 pizzas cannot be produced, the opportunity cost would be 15 pizzas.
d. Lastly, to find the opportunity cost of increasing production from 24 pizzas to 26 pizzas, consider what is being sacrificed. If increasing production from 24 pizzas to 26 pizzas means that 2 umbrellas cannot be produced, the opportunity cost would be 2 umbrellas.
In summary, to determine the opportunity cost of increasing production, you need to compare the alternative goods that could have been produced instead and calculate the quantity of those goods that are foregone.