The table given below represents the output per hour of cookies and chilies in Ohio and Iowa.?Table 2.4

-Refer to Table 2.4. If the countries were to engage in trade, what would be the least amount Ohio would accept for 1 cookie?

Question

The table given below represents the output per hour of cookies and chilies in Ohio and Iowa.?Table 2.4
 
-Refer to Table 2.4. If the countries were to engage in trade, what would be the least amount Ohio would accept for 1 cookie?

Quizplus · Accepted Answer

Ohio's opportunity cost of producing 1 cookie is 4 chilies, which means they would not accept any less than 4 chilies in exchange for 1 cookie.

The Table Given Below Represents the Output Per Hour of Cookies