Question
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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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?
© 2023
Answers
GPT 3.5
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.
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.