According to Table 1.1 (or Figure 1.1 ), what is the opportunity cost of the fou

Question

According to Table 1.1 (or Figure 1.1 ), what is the opportunity cost of the fourth truck?
2. (a) Compute the opportunity cost in forgone tanks for each additional truck produced:
Truck output 0 1 2 3 4 5
Tank output 5 4.5 3.8 3.0 2.0 0
Opportunity cost 0.8
(b) As truck output increases, are opportunity costs (A) increasing, (B) decreasing, or
(C) remaining constant?
3. According to Figure 1.2 (p. 9), what is the opportunity cost of North Korea moving from point P to
point N (in terms of food output)?

Explanation / Answer

Q 2. The opportunity cost of truck is increasing.

Truck Tank Opportunity Cost ruck Opportunity Cost Tank 0.0 5.0 2.0 1.0 4.5 0.5 1.4 2.0 3.8 0.7 1.3 3.0 3.0 0.8 1.0 4.0 2.0 1.0 0.5 5.0 0.0 2.0

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