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 Greg's opportunity cost of producing cake? Explain how you derived your answer.
Definitions:
Nominal Scale
A measurement scale used in statistics for labeling variables without any quantitative value, where the order of the variables is insignificant.
Pie Graph
A graphical representation of data in a circular chart divided into sectors, where each sector shows the relative size of each value.
Ratio Scale
A measurement scale that possesses a meaningful zero value and allows for comparison of differences and ratios between measurement units.
Interval Scale
A type of scale used for measurement where intervals between values are meaningful and equally spaced, but there is no true zero.
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