Solution-Distinction between explicit and implicit costs

Distinction between explicit and implicit costs

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1. Explain why the enrollment in colleges and universities increases at times of economic recession. Make a distinction between explicit and implicit costs in your explanation

2. Use the following production possibilities table to draw the corresponding production possibilities curve (PPC) for a given economy.

Options	Food	Clothing
A	0	28
B	1	26
C	2	22
D	3	16
E	4	9
F	5	0

a) Find the opportunity cost of producing each unit of food in terms of clothing. Explain its pattern.

b) Assume we are currently producing 6 units of clothing and 4 units of food. Plot this point and interpret it economically.

c) What is the optimum production of output when food sells for $12 a unit and clothing for $3. Explain why you choose this point.

Reference no: EM131218540

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Distinction between explicit and implicit costs

Reference no: EM131218540

Reference no: EM131218540

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