You will knit for 8 hours today. In any particular hour, you can knit 0.5 hats...
You will knit for 8 hours today. In any particular hour, you can knit 0.5 hats or 0.25 scarves. What is the opportunity cost (in terms of hats you could have produced) of increasing your scarf production from 1 to 2?
Homework Answers
In an hour , a person can knit 0.5 hats or 0.25 scarves.
So, this means in 8 hours , he can knit (0.5)(8)= 4 hats or (0.25)(8)= 2 scarves.
The opportunity cost of increasing the scarf production from 1 to 2 is (4/2)= 2 hats.
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