Table 3-2

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

Question

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

Quizplus · Accepted Answer

The opportunity cost of producing 1 kilogram of potatoes is the amount of meat that could have been produced with the same resources. If 4 kilograms of meat can be produced instead of 1 kilogram of potatoes, then the opportunity cost is 1/4 kilogram of meat per kilogram of potatoes.

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