Figure 2.2

Figure 2.2 above shows the production possibilities frontier for Atikamekw Cree (ca. 1600)with a historical tradition of fishing and farming. Assume they produce two goods: fish and grains
-Refer to Figure 2.2.What is the opportunity cost of one kilogram of meat?

Question

Figure 2.2
  
Figure 2.2 above shows the production possibilities frontier for Atikamekw Cree (ca. 1600)with a historical tradition of fishing and farming. Assume they produce two goods: fish and grains
-Refer to Figure 2.2.What is the opportunity cost of one kilogram of meat?

Quizplus · Accepted Answer

The opportunity cost of one kilogram of meat is the amount of grain that could have been produced instead. If the production possibility frontier (PPF) shows that producing one kilogram of meat requires sacrificing 1.33 kilograms of grain, then the opportunity cost is $1 \frac{1}{3}$ kilograms of grain.

Figure 22 Figure 2 34\frac{3}{4}43​ Kilogram of Grain B)

Figure 22

Figure 2 $\frac{3}{4}$ Kilogram of Grain
B)