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Frank Owns an Apple Farm and Plans to Spend 4

question 46

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Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the table below.  Hours in  East  Orchard  Number of  Apples Per  Hour  Hours in  West  Orchard  Number of  Apples Per  Hour 140110232210325310420410\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Hours in } \\\text { East } \\\text { Orchard }\end{array} & \begin{array} { c } \text { Number of } \\\text { Apples Per } \\\text { Hour }\end{array} & \begin{array} { c } \text { Hours in } \\\text { West } \\\text { Orchard }\end{array} & \begin{array} { c } \text { Number of } \\\text { Apples Per } \\\text { Hour }\end{array} \\\hline 1 & 40 & 1 & 10 \\\hline 2 & 32 & 2 & 10 \\\hline 3 & 25 & 3 & 10 \\\hline 4 & 20 & 4 & 10 \\\hline\end{array} What is the opportunity cost to Frank of spending an additional hour picking apples in the East orchard?

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Definitions:

Monopoly

A market structure characterized by a single seller who has exclusive control over a particular good or service.

Criminal Offenses

Acts or omissions punishable by law as defined by statute or common law.

Clayton Act

A U.S. antitrust law enacted in 1914 aimed at promoting competition and preventing monopolies by prohibiting certain anti-competitive practices.

Celler-Kefauver Act

is a United States antitrust law passed in 1950 that prevents companies from acquiring assets of competitors if the effect would be to substantially lessen competition or create a monopoly.

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