Question 1

Table 1.1: Production Possibilities for Brushes and Combs

Opportunity Number of Cost( Foregone Number of Opportunity Cost Combination combs brushes) brushes Foregone combs) 4 NA K 3 10 L 17 M 21 N O NA 23Price per Unit Price per Unit Price: per Unit Price: per Unit \fQuantity Price Total Cost $500 $400 2 $450 $650 $400 $950 4 $350 $1,300 $300 $1.700MC B A ATC G D Price or Cost (per unit) C L K Demand MR E F H Quantity (per unit of time)Demand Data Price Quantity Cost Data Output Total Cost $11 6 6 $48 $10 7 $52 $57 9 $63 $7 10 10 $70DI D2 E 10 PRICE ($) D2 DI 0 2000 QUANTITY