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  • Let's say we've been hanging out in scenario E

  • for a bunch of days.

  • On average, we've been catching one rabbit,

  • but gathering 280 berries.

  • We were in, I guess, a berry mood.

  • So this is scenario E right over here.

  • But now all of a sudden, we're in the mood for more protein.

  • So let me write down, we are in scenario E.

  • And we're in the mood for more protein.

  • And so we want to think about what are the trade-offs if we

  • try to catch more rabbits?

  • So what I want to do-- I want to say,

  • if I want to catch 1 more rabbit,

  • what am I going to have to give up?

  • So if I catch one more rabbit-- so

  • I go from 1 rabbit on average to 2 rabbits a day.

  • So I'm really going from scenario E

  • to scenario D. What am I going to give up?

  • So this is plus 1 over here.

  • Well, I'm going to give up 40 berries.

  • And you can see it visually right here.

  • If I try to get 1 more rabbit, I can't

  • go into this impossible, this unattainable part

  • right over here.

  • I have to stay on the production possibilities frontier,

  • sometimes abbreviated as PPF.

  • Or I guess the acronym for it, I should say, is PPF.

  • But if I want 1 more rabbit, the production possibilities

  • frontier drops off, and I will have to give up 40 fruit.

  • So 1 more rabbit means that I have a cost.

  • So I have to give up, on average, 40 berries.

  • And the technical term for what I've just described

  • is the opportunity cost of going after 1 more

  • rabbit is giving up 40 berries.

  • So let me write this down.

  • The opportunity cost of 1 more rabbit-- and this

  • is particular to scenario E. As we'll see,

  • it's going to change depending on what scenario we are in,

  • at least for this example.

  • So the opportunity cost of 1 more rabbit

  • is 40 berries, assuming we are in scenario E. 1

  • more rabbit, I have to give up 40 berries.

  • And another term when we talk about the opportunity

  • cost of going after-- after producing I

  • guess you could say-- the operating cost of producing

  • 1 more rabbit here, when we talk about the opportunity

  • cost of producing 1 more unit, that's sometimes

  • called the marginal cost.

  • So this right over here, you can also

  • view it as the marginal cost.

  • In the context of this video, our costs

  • are in terms of the thing that I'm giving up,

  • the opportunity that I'm giving up.

  • In other scenarios, you'll see sometimes a marginal cost

  • be given in actual monetary units, like dollars or whatever

  • else.

  • What was the cost of producing that extra unit,

  • that extra widget, right over there.

  • But let's make sure we understand opportunity cost.

  • So that's when we were sitting in scenario E, the opportunity

  • cost of 1 more rabbit.

  • But what's the opportunity cost-- let's say,

  • we're tired of eating meat.

  • We're sitting in scenario E, and we

  • want to become vegetarians altogether.

  • So we want to go to scenario F-- essentially not eat any rabbits

  • and eat as much fruit as possible.

  • So another thing you could ask in scenario E

  • is the opportunity cost of-- and just

  • to make the numbers easier-- I'm going

  • to say opportunity cost of 20 more berries

  • is, well, I'm going to give up a rabbit.

  • So over here, what we're doing is we're saying,

  • OK, I want to increase my berries by 20,

  • but to do that, I have to decrease my rabbits by 1.

  • So the opportunity cost-- assuming we

  • are in scenario E-- the opportunity cost of 20 more

  • berries is 1 rabbit.

  • Now this right over here is not a marginal cost,

  • because I'm talking about the cost of 20 more units, not just

  • 1.

  • If I want to write this as a marginal cost of 1 more berry,

  • then I could just say, well if 20 berries is 1 rabbit,

  • you could essentially divide both sides by 20.

  • So 1 more berry-- and I'll assume, for those of you who

  • want to get technical, that it's somewhat linear right

  • over here-- 1 more berry if we divide both sides by 20

  • is 1/20 of a rabbit.

  • So if I go for one extra berry sitting in scenario E,

  • on average I'm going to get 1/20 less of a berry.

  • And when I phrase it this way, it

  • is being phrased as a marginal cost.

  • Now for those of you who want to get a little technical,

  • this is a curve right over here.

  • So it might not be exactly this.

  • Well, I don't want to get too technical for the sake

  • of this one right over here, this

  • is a safe way to think about it.

  • The opportunity cost of 20 more berries is 1 rabbit,

  • but if you assume that this is somewhat

  • linear right over here-- it's not so curved,

  • it's somewhat of a line between those 2 points--

  • then the opportunity cost of 1 berry is 1/20 of a rabbit.

  • Or the marginal cost of an extra berry is 1/20 of a rabbit.

  • And we can do it at different points of this curve,

  • and I actually encourage you to do.

  • Based on the data that we have in this table that we

  • constructed in the last video and maybe this curve,

  • think about what the opportunity cost

  • is in the different scenarios.

  • If you're in scenario B and if you want an extra rabbit,

  • how much is that going to cost you in terms of berries?

  • Or if you want more berries, what's

  • that going to cost you in terms of rabbits?

Let's say we've been hanging out in scenario E

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B1 中級

機会費用 (Opportunity Cost)

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    Jane に公開 2021 年 01 月 14 日
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