opportunity cost problem

Question Description

Question 2: Due to limited resources, a school cannot have everything it wants. It has to make choices. The school committee has decided that it can fundraise for special school events by selling popcorn and cotton candy at its outdoor track and field meet. They can have several concession stands to raise as much money as possible. It has to decide how many popcorn stands and how many cotton candy stands to have scattered around the track and field meet. The committee made up a table of the different combinations depending upon what the committee has determined to be the cost of each stand. Now the committee has to decide what combination is right.

A.Use the table and graph a Production

Possibilities curve on the graph below:

b. Label a point of underutilization (inefficiency) on your diagram and call it Point A. Next, label a point of efficiency, call it Point B. Last, label a point that is unattainable, call it Point C.

c. Look at the table: To get one popcorn stand, how many cotton candy stands have to be given up (marginal cost)? 10 9 =

d. What is the marginal cost of 3 popcorn stands?

e. What is the marginal cost of 4 popcorn stands?

f. What is happening to opportunity costs? Carefully explain WHY.

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