Table 3-1

-Refer to Table 3-1.What is the opportunity cost of 1 kg of potatoes for the farmer?
A)8 hours of labour
B)2 hours of labour
C)4 kg of meat
D)1/4 kg of meat

Question

Table 3-1
 
-Refer to Table 3-1.What is the opportunity cost of 1 kg of potatoes for the farmer?
A)8 hours of labour 
B)2 hours of labour 
C)4 kg of meat 
D)1/4 kg of meat

Quizplus · Accepted Answer

The opportunity cost of producing 1 kg of potatoes is the amount of meat that could have been produced with the same resources. If 4 kg of meat is the alternative output, then the opportunity cost is 1/4 kg of meat per kg of potatoes.

Table 3-1 -Refer to Table 3-1.What Is the Opportunity Cost of 1