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Unformatted text preview: floor. If all 24 hours were spent painting, how many rooms could be painted by one worker? If a decision were made to sand two floors, how many painted rooms would have to be given up? Illustrate with a productionpossibilities curve. If all 24 hours were spent painting, it would be possible to paint a total of six rooms (24/4 = 6). If you wanted to sand two floors, it would take a total of six hours (3 hours per floor x two floors). In these six hours, you could have painted 11/2 rooms, thus the opportunity cost of sanding two floors is not paining 11/2 rooms. 1 2 3 4 5 6 7 8 9 2 4 6 8 Floors Sanded Rooms Painted Production Possibilities Curve...
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This note was uploaded on 12/05/2011 for the course ECON 2010 taught by Professor Staff during the Fall '08 term at Utah Valley University.
 Fall '08
 Staff
 Microeconomics, Opportunity Cost

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