shannonhartwell27 shannonhartwell27

22-09-2022
Business

Answered

Practice question #1: A thrifty lobsterman decides to build during the long, cold New England
winter when he can't fish. He has 2,000 board feet to work with this winter. To make one lobster
trap, it takes 5 board feet or he could make a storage shed for the lobster traps, but that takes 200
board feet for each shed. He doesn't want to waste any wood.
Make a production possibility chart for the 2,000 board feet of lumber.
What is the opportunity cost of 3 storage sheds?
If he makes, 5 storage sheds, how many lobster traps can he also produce?
What scenario would cause the whole curve to shift left? decrease in wood resources
Give an example of inefficiency for this case.

Answer :

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