ECON 102 Lecture Notes - Lecture 4: Opportunity Cost, European Route E20

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14 Sep 2017
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Econ102 lecture 4 production possibilities frontier and opportunity cost. *to get to h, producer needs increased resources, improved technology, etc. Opportunity cost of producing consumer goods (expressed in units of capital goods) 2 units of capital goods used to produce 10 units of consumer goods. 5 units of capital goods used to produce second set of 10 units of consumer goods. 9 units of capital goods used to produce third set of 10 units of consumer goods. 14 units of capital goods used to produce the forth set of 10 units of consumer goods. 20 units of capital goodsused to produce the fifth set of 10 units of consumer goods. What is the product mix at point d: 34 units of capital goods, 30 units of consumer goods. What is the opportunity cost of producing 34 units of capital goods at point d: 20 units of consumer goods.

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