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Why is the term important in economics

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Reference no: EM132152005

Suppose an automobile manufacturer has an employee named Bill who can make car doors or clutches according to the following schedule:

5 Car Doors or 7 clutches per day.

4 Car Doors or 9 clutches per day.

Suppose the manufacturer wants Bill to produce 2 more clutches per day.

Calculate the opportunity cost and show the answer and the calculation. Should the company ask Bill to make the extra clutches or not? What is an opportunity cost, and why is the term important in economics? (The answer should be a calculation with 2 or 3 complete sentences).

Reference no: EM132152005

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