Figure 3-6
The production possibilities frontiers below show how much Greg and Catherine can each produce in 8 hours of time.
Greg's Production Possibilities
Catherine's Production Possibilities 
-Refer to Figure 3-6. What is Greg's opportunity cost of producing ice cream? Explain how you derived your answer.
Definitions:
Ownership
The legal right to possess, use, and control a property or an asset.
Net Income
A company's total earnings or profit, calculated as revenue minus costs of goods sold, expenses, taxes, and other deductions.
Equity Method Investment
A method of accounting for investments in which the investor has significant influence over the investee, but not full control, typically between 20% and 50% ownership.
Outstanding Shares
The total number of shares of a corporation's stock that have been issued and are currently owned by shareholders, including those held by institutional investors and restricted shares.
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