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Question 3 (10 Marks): Also referring to the production possibilities of producting iwatches versus Fitbits. a. Calculate the cost of increasing production of Fitbits
Question 3 (10 Marks): Also referring to the production possibilities of producting iwatches versus Fitbits. a. Calculate the cost of increasing production of Fitbits from 0 to 5 units, as measured in the amount of iWatches that would need to be sacrificed. b. Calculate the cost of increasing production of Fitbits from 5 to 15 units, as measured in the amount of iWatches that would need to be sacrificed. c. Calculate the cost of increasing production of Fitbits from 50 to 75 units, as measured in the amount of iWatches that would need to be sacrificed. d. What happens to the opportunity cost as the production of iWatches increases? Illustrate with numbers.
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