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)3/2 pounds of meat
D)2/3 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)3/2 pounds of meat 
D)2/3 pound of meat

Quizplus · Accepted Answer

According to the table, the rancher can produce 3 pounds of meat in the time it takes to produce 2 kilograms of potatoes. Therefore, the opportunity cost of 1 kilogram of potatoes for the rancher is 3/2 pounds of meat. The best choice(s) would be to choose the option with the lowest opportunity cost, which is option C.

Table 3-2 -Refer to Table 3-2.What Is the Opportunity Cost of 1