Table 3-31

-Refer to Table 3-31. For the farmer, the opportunity cost of 1 pound of potatoes is
A)0.625 pound of meat.
B)1.0 pounds of meat.
C)1.6 pounds of meat.
D)3.2 pounds of meat.

Question

Table 3-31
​ 
-Refer to Table 3-31. For the farmer, the opportunity cost of 1 pound of potatoes is
A)0.625 pound of meat. 
B)1.0 pounds of meat. 
C)1.6 pounds of meat. 
D)3.2 pounds of meat.

Quizplus · Accepted Answer

The opportunity cost of 1 pound of potatoes is calculated by dividing the amount of meat that could be produced instead by the amount of potatoes produced. If the farmer can produce 0.625 pounds of meat instead of 1 pound of potatoes, then the opportunity cost is 0.625 pounds of meat.

Table 3-31 ​

Table 3-31