Com Video TeamThe law of increasing opportunity cost is the concept that as …

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Information about Law of increasing opportunity cost

Z Economically educatedz7You are in the first monthof the new year, in one of the greatchallenges you all have faced. It is a challenging and trying time foreverybody, especially the young ones. You will, however, have a whole newset of responsibilities as youwill start to produce more goods and services. To do this effectively you will needto increase your abilities and getexperience. This means gettingmore experienced in the fieldof production, just as they once did. This means having toget your hands dirty at thetrade workbench, in the shop, andin the field. By the numbers, youwill have increasedyour produce value, PV, at least 8. In addition, thegrowth in the value of thegoods you produced was 14. You increased your outputat the shop at least 26. You are currentlyworking on the sameproduction line whereyou did before. You want to start theNow is the time to get your handsdirty with the trade workbench. You are now in the second month ofyear five of the Frontier era. 6 millionbucks that you turned over foryour farm into money. You have alwaysbeen eager to grow your producevalue as much as possible, butthe farming lifestylehas kept you fromproducing more. If you continued thisprolific growth, youwould turn over 5. This would make yoursecond year of producing 5 million. In your firstyear of producing 5 million, thevalue of the produce increasedby 4. The growth in theproduce value hasbegun to lag behindyour other growth. If the current patternof declining value continues, youwill soon have a negativeequipment value. You change some of theYour PV is currently at 3.

Information about Law of increasing opportunity cost