ecns101 homework help

Suppose Bob buys a new tool that enables him to produce twice as many boats per hour as before, but it doesn't affect his ability to produce drums. Use the green points (triangle symbol) to plot his new FFF on the previous graph. Because he can now make more boats per hour, Bob's opportunity cost of producing drums is it was previously.5. Opportunity cost and production possibilities Bob is a skilled toy maker who is able to produce both boats and drums. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Boats) (Drums) ( Boats) (Drums) A 4 0 10 CANC 16 19 O 20 On the following graph, use the blue points (circle symbol) to plot Bob's initial production possibilities frontier (PFF). (?) 30 25 Initial PPF A 20 New PPF 15 DRUMS 5 6 BOATS Suppose Bob is currently using combination D, producing one boat per day. His opportunity cost of producing a second boat per day is per day. Now, suppose Bob is currently using combination C, producing two boats per day. His opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Bob increases his production of boats, his opportunity cost of producing one more boat