Final answer:
Rob's opportunity cost for producing one pair of sneakers is 0.9 pairs of boots. This is calculated by dividing the total production capability of boots by the total production capability of sneakers (45/50).
Step-by-step explanation:
The student is asking about the concept of opportunity cost which is a key principle in economics. Specifically, the question is about calculating Rob's opportunity cost of producing a pair of sneakers.
Opportunity cost is defined as the value of the next best alternative foregone as the result of making a decision. In this case, Rob's opportunity cost of producing one pair of sneakers is the number of pairs of boots that he is not able to produce because he has dedicated his resources to making sneakers. According to the given numbers, Rob can produce either 50 pairs of sneakers per day or 45 pairs of boots per day.
To calculate the opportunity cost of producing a single pair of sneakers, we need to divide the total pairs of boots he can produce by the total pairs of sneakers. So, Rob's opportunity cost of producing one pair of sneakers is:
45 pairs of boots / 50 pairs of sneakers = 0.9 pairs of boots per pair of sneakers.
Therefore, for every additional pair of sneakers Rob chooses to produce, he gives up the opportunity to produce 0.9 pairs of boots.