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Course: Microeconomics?>?Unit 1
Lesson 3: Production possibilities frontier- Production possibilities curve
- Opportunity cost
- Increasing opportunity cost
- The Production Possibilities Frontier
- PPCs for increasing, decreasing and constant opportunity cost
- Lesson summary: the production possibilities frontier
- Interpreting graphs of the production possibilities curve (PPC)
- Calculating opportunity costs from a production possibilities curve (PPC)
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Calculating opportunity costs from a production possibilities curve (PPC)
Problem
The production possibilities curve shown here indicates Theo’s tradeoffs when he produces model cars or scary masks. He is currently using all of his resources efficiently.
What is the opportunity cost of a scary mask?
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