Scenario 3-1
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 Scenario 3-1.What is Catherine's opportunity cost of producing ice cream? Explain how you derived your answer.
Definitions:
Merchandise Sale
The transaction of selling goods that are purchased for resale by a business.
Promissory Note
A financial instrument containing a written promise by one party to pay another party a definite sum of money either on-demand or at a specified future date.
Promissory Note
A financial document in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time or on demand of the payee, under specific terms.
Accrued Interest
The interest that has accumulated on a debt over a period of time but has not yet been paid.
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