Answer :
Opportunity cost is defined as the cost of choosing one product or service over another, measured in terms of the best alternative forgone or the next best alternative forgone. The opportunity cost of any good is the ratio of the quantity of one good to the quantity.
The other good that must be sacrificed in order to produce one more unit of the good in question. Therefore, Amanda's new opportunity cost of a box of chocolate in terms of bottles of wine can be calculated using the following equation:OC of chocolates = ΔWine/ΔChocolateOC of chocolates = (288 – 0) / (960 – 0)OC of chocolates = 0.3Therefore, Amanda's new opportunity cost of a box of chocolate in terms of bottles of wine is 0.3 bottles of wine per box of chocolate.
To calculate Amanda's new opportunity cost of a box of chocolate in terms of bottles of wine, we need to use the concept of opportunity cost. Opportunity cost is the cost of choosing one product or service over another, measured in terms of the best alternative forgone or the next best alternative forgone.In this case, Amanda can either make "288 bottles of wine and 0 boxes of chocolates" or "0 bottles of wine and 960 boxes of chocolates" or a combination of wine and chocolates. We need to calculate the opportunity cost of a box of chocolate in terms of bottles of wine. Opportunity cost is the ratio of the quantity of one good to the quantity of the other good that must be sacrificed in order to produce one more unit of the good in question. Therefore, Amanda's new opportunity cost of a box of chocolate in terms of bottles of wine can be calculated using the following equation:OC of chocolates = ΔWine/ΔChocolateOC of chocolates = (288 – 0) / (960 – 0)OC of chocolates = 0.3Therefore, Amanda's new opportunity cost of a box of chocolate in terms of bottles of wine is 0.3 bottles of wine per box of chocolate. This means that Amanda would have to give up 0.3 bottles of wine to produce one box of chocolate.
In conclusion, Amanda's new opportunity cost of a box of chocolate in terms of bottles of wine is 0.3 bottles of wine per box of chocolate. Opportunity cost is the cost of choosing one product or service over another, measured in terms of the best alternative forgone or the next best alternative forgone. The opportunity cost of any good is the ratio of the quantity of one good to the quantity of the other good that must be sacrificed in order to produce one more unit of the good in question.
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