Scenario 3-1
The production possibilities frontiers below show how much Greg and Catherine can each produce in 8 hours of time.
Greg's Production Possibilities
Catherine's Production Possibilities
-Refer to Scenario 3-1.What is Greg's opportunity cost of producing ice cream? Explain how you derived your answer.

Question

Scenario 3-1
The production possibilities frontiers below show how much Greg and Catherine can each produce in 8 hours of time.
Greg's Production Possibilities
Catherine's Production Possibilities  
-Refer to Scenario 3-1.What is Greg's opportunity cost of producing ice cream? Explain how you derived your answer.

Quizplus · Accepted Answer

The Answer is It takes Greg 1 hour to produce a quart of ice cream and 2 hours to produce a cake.So,the opportunity cost of producing a quart of ice cream is 1/2 cake.

Scenario 3-1 the Production Possibilities Frontiers Below Show How Much Greg and Greg