Figure 2-2 above shows the production possibilities frontier for Mendonca,an agrarian nation that produces two goods,meat and vegetables.
-Refer to Figure 2-2.What is the opportunity cost of one pound of meat?

Question

Quizplus · Accepted Answer

The opportunity cost of one pound of meat is the amount of vegetables that must be given up to produce it. If the production possibility frontier shows that 1 pound of meat requires giving up 1.33 pounds of vegetables, then the opportunity cost is $1 \frac { 1 } { 3 }$ pounds of vegetables.

Figure 2-2 Above Shows the Production Possibilities Frontier for Mendonca,an 34\frac { 3 } { 4 }43​

Figure 2-2 Above Shows the Production Possibilities Frontier for Mendonca,an $\frac { 3 } { 4 }$