For the next seven questions of the exam, consider Floyd and Jade, fishermen who can each catch* shrimp, crabs, or some combination of the two using only 40 hours of labor each. Floyd can catch a maximum of 120 shrimp if he catches no crabs, and 60 crabs if he catches no shrimp. Jade can produce a maximum of 100 shrimp with no crabs caught; if he catches no shrimp, he can catch 40 crabs.
* "Catch" here is the same as "produce" for our purposes.
Floyd's opportunity cost of shrimp refers to

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lucramirez1992 lucramirez1992

17-06-2024
Business

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For the next seven questions of the exam, consider Floyd and Jade, fishermen who can each catch* shrimp, crabs, or some combination of the two using only 40 hours of labor each. Floyd can catch a maximum of 120 shrimp if he catches no crabs, and 60 crabs if he catches no shrimp. Jade can produce a maximum of 100 shrimp with no crabs caught; if he catches no shrimp, he can catch 40 crabs.
* "Catch" here is the same as "produce" for our purposes.
Floyd's opportunity cost of shrimp refers to

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