Question
Production Possibilities for The
Shoe Hut
According to the production possibilities curve, what is your opportunity cost for producing one pair of hiking boot inserts?
three pairs of running shoe inserts
two pairs of running shoe inserts
ten pairs of running shoe inserts
fifteen pairs of running shoe inserts
Shoe Hut
According to the production possibilities curve, what is your opportunity cost for producing one pair of hiking boot inserts?
three pairs of running shoe inserts
two pairs of running shoe inserts
ten pairs of running shoe inserts
fifteen pairs of running shoe inserts
Answers
GPT-4o mini
To determine the opportunity cost of producing one pair of hiking boot inserts, we need to look at the production possibilities curve (PPC) that reflects the trade-offs between producing hiking boot inserts and running shoe inserts.
The opportunity cost is the number of running shoe inserts you give up to produce one additional pair of hiking boot inserts. This information should be derived from a specific point on the PPC.
However, since you didn't provide specific numbers or a visual representation of the PPC, we can't definitively calculate the opportunity cost based solely on the options you've provided. If the production possibilities curve indicates that producing one more pair of hiking boot inserts costs you either three, two, ten, or fifteen pairs of running shoe inserts, you'll need to choose based on that context.
If you have specific numbers from the PPC or the context about how many running shoe inserts are given up for hiking boot inserts, please provide that information for a more accurate answer!
The opportunity cost is the number of running shoe inserts you give up to produce one additional pair of hiking boot inserts. This information should be derived from a specific point on the PPC.
However, since you didn't provide specific numbers or a visual representation of the PPC, we can't definitively calculate the opportunity cost based solely on the options you've provided. If the production possibilities curve indicates that producing one more pair of hiking boot inserts costs you either three, two, ten, or fifteen pairs of running shoe inserts, you'll need to choose based on that context.
If you have specific numbers from the PPC or the context about how many running shoe inserts are given up for hiking boot inserts, please provide that information for a more accurate answer!