Figure 3-1

-Refer to Figure 3-1.Suppose Cliff must work 5 hours to produce each bushel of corn.Then Cliff
A)must work 3 1/3 hours to produce each bushel of wheat, and his opportunity cost of a bushel of corn is 2/3 bushel of wheat.
B)must work 3 1/3 hours to produce each bushel of wheat, and his opportunity cost of a bushel of corn is 1.5 bushels of wheat.
C)must work 7.5 to produce each bushel of wheat, and his opportunity cost of a bushel of corn is approximately 2/3 bushel of wheat.
D)must work 7.5 hours to produce each bushel of wheat, and his opportunity cost of a bushel of corn is 1.5 bushels of wheat.

Question

Figure 3-1
 
-Refer to Figure 3-1.Suppose Cliff must work 5 hours to produce each bushel of corn.Then Cliff
A)must work 3 1/3 hours to produce each bushel of wheat, and his opportunity cost of a bushel of corn is 2/3 bushel of wheat. 
B)must work 3 1/3 hours to produce each bushel of wheat, and his opportunity cost of a bushel of corn is 1.5 bushels of wheat. 
C)must work 7.5 to produce each bushel of wheat, and his opportunity cost of a bushel of corn is approximately 2/3 bushel of wheat. 
D)must work 7.5 hours to produce each bushel of wheat, and his opportunity cost of a bushel of corn is 1.5 bushels of wheat.

Quizplus · Accepted Answer

According to the table, Cliff must work 20/6 = 3 1/3 hours to produce each bushel of wheat. His opportunity cost of a bushel of corn is the amount of wheat he could have produced in 5 hours, which is 5/(20/6) = 1.5 bushels of wheat. Therefore, the correct answer is B.

Figure 3-1 -Refer to Figure 3-1.Suppose Cliff Must Work 5 Hours to Work