Table 3-2

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

Question

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

Quizplus · Accepted Answer

According to Table 3-2, in order to produce 1 kilogram of potatoes, the rancher would have to give up 5/4 pounds of meat. This represents the opportunity cost of producing potatoes in terms of forgone meat production. Therefore, the best choice is C.

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