Homework SourseUse the table for the questions below According to the infor
Use the table for the question(s) below.
According to the information in the table above, what is the opportunity cost of producing the first one million vaccines?
Use the table for the question(s) below.
According to the information in the table above, what is the opportunity cost of producing the first 10,000 guns?
| Combination | A | B | C | D | E | F | G |
| Vaccine doses (millions) | 6 | 5 | 4 | 3 | 2 | 1 | 0 |
| Guns | 0 | 10,000 | 19,000 | 24,000 | 28,000 | 30,000 | 31,000 |
Solution
1. Opportunity cost is the value of next best alternative foregone.
To produce 1 million vaccines, producer have to give up 1000 guns as production of guns decreases from 31000 to 30000.
So, a) 1000 guns
Image of question 2 and 3 are not visible.
4. e) One million vaccines
To produce 10000 guns, producer has to decrease its production of vaccines from 6 million to 5 million.
