lectur12-page24

lectur12-page24 - incremental dollar value of agricultural...

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24 Law of Increasing Costs $ Ag. $ Non- Ag. 1 2 3 4 As we increased the dollar value of ag. goods and services produced from 3 to 4 units, we had to sacrifice this dollar value of non-ag. goods and services. The solid colored lines above indicate the dollar value of non-agricultural goods and services that had to be given up to acquire the next equal,
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Unformatted text preview: incremental dollar value of agricultural goods and services. As you can see, the dollar value of non-agricultural goods and services that had to be sacrificed increased at an increasing rate (got bigger and bigger)....
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