Final answer:
The opportunity cost of producing a pair of sneakers for Rob can be calculated by comparing it with the production of another product, such as boots. If Rob produces 5 pairs of sneakers per day and 10 pairs of boots per day, the opportunity cost of producing a pair of sneakers would be 2 pairs of boots.
Step-by-step explanation:
The opportunity cost of producing a pair of sneakers for Rob can be calculated using the law of increasing opportunity cost. The law states that as resources are shifted from one product to another, the opportunity cost of producing additional units of the second product increases. In this case, we can assume that Rob has a production possibilities curve (PPC) that shows the maximum number of sneakers and boots he can produce given the same quantity of resources.To find the opportunity cost of producing a pair of sneakers, we need to compare it with the production of another product, such as boots. Let's say that Rob can produce 5 pairs of sneakers per day and 10 pairs of boots per day. The opportunity cost of producing a pair of sneakers would be the number of pairs of boots he gives up to produce one pair of sneakers. In this case, the opportunity cost would be 2 pairs of boots, as he can produce 10 pairs of boots instead of 5 pairs of sneakers.