Table 2-4

Table 2-4 shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland.
-Refer to Table 2-4.What is Estonia's opportunity cost of producing one board foot of lumber?

Question

Table 2-4
  
Table 2-4 shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland.
-Refer to Table 2-4.What is Estonia's opportunity cost of producing one board foot of lumber?

Quizplus · Accepted Answer

The opportunity cost of producing one board foot of lumber is the amount of cell phones that could have been produced instead. If Estonia's opportunity cost is 0.2 cell phones, it means for every board foot of lumber produced, they forgo producing 0.2 cell phones.

Table 2-4 Table 2-4 Shows the Number of Labor Hours Required to of Labor