opportunity costs
Not what you're looking for?
Production Alternatives
Type of production A B C D E
Automobiles 0 2 4 6 8
Forklifts 30 27 21 12 0
A. Upon what specific assumption is this possibilities curve based? If the economy is at point C, what is the cost of one more automobile and forklift? Explain how the production possibilities curve reflects the law of increasing opportunity cost.
See the attached file.
Purchase this Solution
Solution Summary
The opportunity costs are assessed.
Purchase this Solution
Free BrainMass Quizzes
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.