Table 2-2
Production Possibilities for Libraryland $$\begin{array} { | c | c | }
\hline \text { Books } & \text { Magazines } \
\hline 400 & 0 \
\hline 300 & 200 \
\hline 200 & 350 \
\hline 100 & 450 \
\hline 0 & 500 \
\hline
\end{array}$$
-Refer to Table 2-2.What is the opportunity cost to Libraryland of increasing the production of books from 200 to 300?

Question

Table 2-2
Production Possibilities for Libraryland $$\begin{array} { | c | c | } 
\hline \text { Books } & \text { Magazines } \
\hline 400 & 0 \
\hline 300 & 200 \
\hline 200 & 350 \
\hline 100 & 450 \
\hline 0 & 500 \
\hline
\end{array}$$
-Refer to Table 2-2.What is the opportunity cost to Libraryland of increasing the production of books from 200 to 300?

Quizplus · Accepted Answer

The opportunity cost of increasing books from 200 to 300 is the decrease in magazines, which is from 350 to 200, a loss of 150 magazines.

Table 2-2 Production Possibilities for Libraryland -Refer to Table 2-2

Table 2-2
Production Possibilities for Libraryland -Refer to Table 2-2