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5. Opportunity cost and production possibilities Megan is atalented artist who sells hand-crafted goods online....

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Economics

5. Opportunity cost and production possibilities Megan is atalented artist who sells hand-crafted goods online. Megancurrently crafts and sells both rings and pillows. She spends 8hours a day working on these items. The following table givesdifferent daily output scenarios depending on how much of her timeis spent on each good. On the following graph, use the blue points(circle symbol) to plot Megan's initial production possibilitiesfrontier (PPF). Suppose Megan is currently using combination D,producing one ring per day. Her opportunity cost of producing asecond ring per day is - per day. Now, suppose Megan is currentlyusing combination C, producing two rings per day. Her opportunitycost of producing a third ring per day is V per day. From theprevious analysis, you can determine that as Megan increases herproduction of rings, her opportunity cost of producing one morering Suppose Megan buys a new tool that enables her to producetwice as many rings per hour as before, but it doesn't affect herability to produce pillows. Use the green points (triangle symbol)to plot her new PPF on the previous graph.

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