Use the following table showing production possibilities for herbs and cosmetics from one unit of resources in Country J and one unit of resources in Country K.

-The opportunity cost of producing 10 pounds of cosmetics is:

Question

Use the following table showing production possibilities for herbs and cosmetics from one unit of resources in Country J and one unit of resources in Country K.
 
-The opportunity cost of producing 10 pounds of cosmetics is:

Quizplus · Accepted Answer

The opportunity cost of producing something is what you give up to produce that item instead of producing something else. If Country J can produce 10 pounds of cosmetics at a lower cost in terms of what it has to give up (for example, fewer pounds of herbs), then the opportunity cost is lower in Country J than in Country K. The statement about both countries producing 50 pounds of herbs with one unit of resources does not provide enough information to determine the opportunity cost without knowing how much of the other good (cosmetics) each country can produce with the same resources.

Use the Following Table Showing Production Possibilities for Herbs and Cosmetics