Table 3-2

-Refer to Table 3-2.What is the opportunity cost of 1 kilogram of meat for the rancher?
A)4 hours of labour
B)5 hours of labour
C)5/4 kilograms of potatoes
D)4/5 kilogram of potatoes

Question

Table 3-2
 
-Refer to Table 3-2.What is the opportunity cost of 1 kilogram of meat for the rancher?
A)4 hours of labour 
B)5 hours of labour 
C)5/4 kilograms of potatoes 
D)4/5 kilogram of potatoes

Quizplus · Accepted Answer

The opportunity cost of 1 kilogram of meat for the rancher is the amount of potatoes that could have been produced instead. If the rancher can produce 4 kilograms of potatoes in the time it takes to produce 5 kilograms of meat, then the opportunity cost of 1 kilogram of meat is 4/5 kilogram of potatoes.

Table 3-2 -Refer to Table 3-2.What Is the Opportunity Cost of 1