PPCs for increasing, decreasing and constant opportunity cost

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PPCs for increasing, decreasing and constant opportunity cost발음듣기

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[Instructor] So we have three different possible production possibility curves for rabbits and berries here, which we've already talked about in other videos.발음듣기

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But the reason why I'm showing you three different curves is because these three different curves clearly have different shapes.발음듣기

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And we wanna think about why you would have and under what scenarios would you have these different shapes?발음듣기

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Here, our production possibility curve, or our PPC it looks like a straight line.발음듣기

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Here, it looks like it's bowed out from the origin it looks like it's popping out in that direction.발음듣기

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And here, it looks like it's bowed in to the origin it's popping in in this direction.발음듣기

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So the first thing I'm going to do is ask you a question.발음듣기

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Which one describes the scenario where for every extra rabbit I catch, every incremental rabbit I'm giving up more and more in terms of berries?발음듣기

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Or another way of thinking about it is as I catch more and more rabbits, the opportunity cost in terms of berries is increasing.발음듣기

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Which one of these curves describes that?발음듣기

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Well some of you might have already seen the video on Khan Academy, on increasing opportunity cost and you might recognize that this curve here.발음듣기

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But let's just review it, so there's a world where I'm eating all berries.발음듣기

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And I can get, I can pick 300 berries a day, but maybe I decide to go after that first rabbit that just likes to hang out and play with my knives.발음듣기

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And so when I catch that it's very easy to catch, so I don't give up a lot in terms of berries, especially because I'm probably not the berries I'm giving up are probably the ones that are hardest to pick.발음듣기

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And so let's say that first rabbit, the opportunity cost I pick 20 less berries, so notice, when I increase the rabbits by one, my berries go down by 20,발음듣기

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so my opportunity cost is 20 berries for that first rabbit.발음듣기

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But let's say that second rabbit is a little bit harder to catch, and I'm not giving up the quite so hard to pick berries and so when I pick that next, or when I hunt that next rabbit, I should say, then I've given up 40 berries.발음듣기

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So notice, my opportunity cost has increased.발음듣기

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For that first rabbit, my opportunity cost was 20 berries.발음듣기

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For that second rabbit, my opportunity cost is 40 berries.발음듣기

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And it keeps going, then third rabbit I'm going to give up 60 berries.발음듣기

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That fourth rabbit, I'm gonna give up 80 berries,발음듣기

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80 berries, and then last but not least that fifth rabbit, which is the most that I can hunt in a day, I'm gonna give up 100 berries 'cuz here, I'm going after the really nimble rabbit the really sly rabbit.발음듣기

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And I'm giving up literally the low-hanging fruit in terms of berries the one, they might be on the ground just ready for me to pick up.발음듣기

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And so the important realization from this video is this bowed out shape right over here this is describing an increasing opportunity cost.발음듣기

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Let me write that down, increasing increasing, O.C. for opportunity cost.발음듣기

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So with that out of the way, which of these would describe a decreasing opportunity cost?발음듣기

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Maybe you could imagine a scenario where every incremental rabbit I catch I get better and better at catching rabbits.발음듣기

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Well you might guess that, well look if this one is increasing and I'm bowed out then being bowed in would be a decreasing opportunity cost.발음듣기

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Decreasing opportunity cost, and let's make sure that it makes sense, so we could go back to the scenario where we're doing nothing but picking berries.발음듣기

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And let's say that first rabbit, so we're gonna talk about a different scenario now, that first rabbit I had to train myself to be able to get rabbits I have to buy the tools, I have to stretch it takes me a lot of effort to get that first rabbit.발음듣기

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And so, there, I give up 100 berries, so my opportunity cost for that first rabbit was 100 berries.발음듣기

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But then for that second rabbit my opportunity cost is 80 berries.발음듣기

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Maybe now, I've kind of gotten the hang of it.발음듣기

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I've already bought my rabbit catching shoes.발음듣기

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I've already invested in that.발음듣기

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I'm all stretched and limber, maybe those rabbits like to hang out together, and so that keeps on going.발음듣기

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So that third rabbit, my opportunity cost is 60 berries.발음듣기

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I'm getting really good at catching rabbits so clearly, you see here, that for each incremental rabbit I get, my opportunity cost is decreasing all the way to that fifth rabbit maybe my opportunity cost is 20 berries.발음듣기

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To catch that next extra rabbit I'm giving up those 20 berries.발음듣기

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So very clearly, you see a decreasing opportunity cost.발음듣기

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And so, by deductive reasoning, you might be able to say,발음듣기

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Well, okay, this straight line must represent a constant opportunity cost.발음듣기

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And that is, indeed, what it shows.발음듣기

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For every rabbit, every rabbit you catch you're giving up exactly, you're giving up exactly 60 berries, every time I catch a rabbit I give up 60 berries, so my opportunity cost for rabbits, in terms of berries, is just a constant 60.발음듣기

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And so this is a scenario, if you were imagining in this fictional world we created, where every rabbit is about as easy to catch as any other one.발음듣기

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And every berry is about as easy to pick or find as any other one, and so, the trade off the amount of time I spent for each incremental rabbit I'm giving up a fixed amount of berries.발음듣기

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No matter how many rabbits I go for and no matter how many berries I am currently at so that's a constant opportunity cost when you have a straight line.발음듣기

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