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 the Farmer could have produced instead. If 1 kilogram of potatoes costs 1/4 kilogram of meat, then the opportunity cost is 1/4 kilogram of meat.

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