Table 3-2

-Refer to Table 3-2.What is the opportunity cost of 1 kilogram of meat for the farmer?
A)1/4 hour of labour
B)4 hours of labour
C)4 kilograms of potatoes
D)1/4 kilogram of potatoes

Question

Table 3-2
 
-Refer to Table 3-2.What is the opportunity cost of 1 kilogram of meat for the farmer?
A)1/4 hour of labour 
B)4 hours of labour 
C)4 kilograms of potatoes 
D)1/4 kilogram of potatoes

Quizplus · Accepted Answer

The opportunity cost of 1 kilogram of meat for the farmer is 4 kilograms of potatoes. Therefore, the farmer should choose to produce potatoes as it has a comparative advantage over producing meat, and can produce 4 kilograms of potatoes in the same amount of time it takes to produce 1 kilogram of meat.

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