Homework Answers
First of all we need to understand the meaning of opportunity cost. Opportunity cost of any good refers to the value of other good that is forgone in order to produce that good.
In this case ,for worker A, Opportunity cost of producing 5 bracelets is 4 rings. For worker B, opportunity cost of producing 6 bracelets is 3 rings. For worker C, Opportunity cost of producing 7 bracelets is 5 rings and so on.
If all the workers are dedicated towards making bracelets, the company will produce 29 bracelets in total and 0 rings.If all the workers are dedicated towards making rings, the company will produce 0 bracelets and 19 rings in total. Thus we get the two extremes of our production possibilities frontier (PPF) : (29,0) and (0,19). Here x axis represents the no. of bracelets produced and y axis represents no. of rings produced.
If worker A and B are dedicated towards making bracelets and rest are dedicated towards making rings, we get the combination (11,12). If worker A,B and C are dedicated towards making bracelets and rest are dedicated towards making rings then the combination we get is (18,7). If worker A,B,C and D are dedicated towards making bracelets and rest are dedicated towards making rings, we get the combination (22,4). If Only worker A is dedicated towards making bracelets and rest are dedicated towards making rings, we get the combination (5,15).
Therefore the six combinations are (29,0), (0,19), (11,12), (18,7), (22,4) and (5,15).
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