MindTap - Cengage Learning X X C D ng.cengage.com/staticb/ui/evo/index.html?deploymentld=5982802410503139790502050164&eISBN=97... . . . New CENGAGE MINDTAP Q Search this course ? Homework (Ch 02) X 5. Opportunity cost and production possibilities Paolo is a skilled toy maker who is able to produce both boats and balls. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. A-Z Hours Producing Produced Choice (Boats) (Balls) (Boats) (Balls) A 8 O 4 0 N W 11 A N A 16 ? D 19 N E 8 20 On the following graph, use the blue points (circle symbol) to plot Paolo's initial production possibilities frontier (PPF). bongo 6:51 PM Type here to search O m e 810F Partly cloudy ~ ( 4.) 10/16/2021MindTap - Cengage Learning X X C D ng.cengage.com/staticb/ui/evo/index.html?deploymentld=5982802410503139790502050164&eISBN=97... * New . . . CENGAGE MINDTAP Q Search this course ? Homework (Ch 02) X On the following graph, use the blue points (circle symbol) to plot Paolo's initial production possibilities frontier (PPF). A-Z 30 O 25 Initial PPF A 20 ? New PPF BALLS 15 Q 5 bongo 2 3 5 6 7 8 BOATS Type here to search O m e 81.F Partly cloudy ~ ( 4.) 6:51 PM 10/16/2021MindTap - Cengage Learning X X C D ng.cengage.com/staticb/ui/evo/index.html?deploymentld=5982802410503139790502050164&eISBN=97... * . . . New CENGAGE MINDTAP Q Search this course ? Homework (Ch 02) X BOATS Suppose Paolo is currently using combination D, producing one boat per day. His opportunity cost of producing a second boat per day is per day. A-Z Now, suppose Paolo 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 Paolo increases his production of boats, his opportunity cost of producing one more boat ? Suppose Paolo 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 balls. Use the green points (triangle symbol) to plot his new PPF on the previous graph. Because he can now make more boats per hour, Paolo's opportunity cost of producing balls is it was previously. bongo Grade It Now Save & Continue Continue without saving O 6:51 PM Type here to search O e 81.F Partly cloudy ~ ( 41) 10/16/2021