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

The opportunity cost of 1 kilogram of potatoes for the Rancher is 5/4 pounds of meat. Therefore, the Rancher should only produce meat as it has a lower opportunity cost compared to producing potatoes.

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