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What is the opportunity cost if the production of cellphones increases from 10 to 30 cellphones per day?
Wiki User
∙ 10y ago
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Wiki User
∙ 10y ago
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What does law of increasing opportunity cost express?
The law of increasing opportunity costs states that as production of a product increases, the cost to produce an additional unit of that product increases as well. This law is responsible for the bowed shape of the production possibilities curve. Because not all of our economy's resources are equally well-suited to the production of a single good, the increasing opportunity cost is present.
Law of decreasing opportunity cost?
The law of decreasing opportunity cost states that as a producer shifts resources from one good to another, the opportunity cost of producing additional units of the second good will decrease. This is because resources are not equally productive in all activities, leading to diminishing returns as more resources are allocated to a single activity.
Explain why a production possibilities curve is concave?
Because when one produces one product, the opportunity cost of the other product increases i.e. the concave represents the increasing opportunity cost with the production of a good.
Why do opportunity cost increase as society produces more of a good?
Because when one produces one product, the opportunity cost of the other product increases. The concave represents the increasing opportunity cost with the production of a good.
What is one country of comparative advantage in the production of a certain good?
It has a lower opportunity cost for production of that good.
Why does a nation experience increasing opportunity cost?
when the amount of resources increases, the opportunity cost of all goods and services increases
If the production of fruit increases from 21 pounds to 26 pounds and decreases production of fish from 15 pounds to 13 pounds what is the opportunity cost of a pound of fruit?
A positive 3
The law of increasing costs means that when an economy increases the production of one item?
It is one of these questions: a. the opportunity cost goes up. b. the actual cost of making the item goes down. c. the actual cost goes up but the opportunity cost goes down. d. the production costs will increase also. You decide...
What is law of increasing opportunity cost?
The law of increasing opportunity costs states that as production of a product increases, the cost to produce an additional unit of that product increases as well. (Some resources are specialized to only effeciently produce one product so using those specialized resources on a different product is inefficient)
When does Country A have a comparative advantage over Country B in the production of televisions?
Country A has a lower opportunity cost for producing televisions.
Opportunity cost curve?
Look up Production Possibility Frontier, it is the same thing as a Opportunity Cost Curve.
Why is human resources important to the development of industry?
How the opportunity cost can be applied to the production process for the allocation of resources. How the opportunity cost can be applied to the production process for the allocation of resources.
