Find Betty’s opportunity cost of a bottle of wine in terms of box(es) of chocolates.

. Betty can make either “3 bottles of wine and 0 boxes of chocolates” or “0 bottles of wine and

48 boxes of chocolates” or a combination of wine and chocolates. To answer parts (a) through

(c) of this question assume that Betty’s Production Possibility Frontier (PPF) reflects the

property of constant opportunity costs.

 

a. [10 points] Draw Betty’s PPF.

 

b. [10 points] Find Betty’s opportunity cost of a bottle of wine in terms of box(es) of

chocolates.

 

c. [10 points] Suppose Betty takes a course called WINE 103. After the semester is over

she realizes that she can now make either “12 bottles of wine and 0 boxes

of chocolates” or “0 bottles of wine and 48 boxes of chocolates” or a

combination of wine and chocolates. Find Betty’s new opportunity cost of

a box of chocolate in terms of bottle(s) of wine

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