Table 3-12

-Refer to Table 3-1.For the rancher,the opportunity cost of 16 pounds of meat is
A) 4.0 pounds of potatoes.
B) 5.2 pounds of potatoes.
C) 6.4 pounds of potatoes.
D) 9.6 pounds of potatoes.

Question

Table 3-12
 
-Refer to Table 3-1.For the rancher,the opportunity cost of 16 pounds of meat is
A) 4.0 pounds of potatoes. 
B) 5.2 pounds of potatoes. 
C) 6.4 pounds of potatoes. 
D) 9.6 pounds of potatoes.

Quizplus · Accepted Answer

The opportunity cost is calculated by determining how much of one good must be given up to produce more of another. If the rancher gives up 16 pounds of meat, they must give up 6.4 pounds of potatoes, based on the trade-off rate provided in Table 3-1.

Table 3-12 -Refer to Table 3-1.For the Rancher,the Opportunity Cost of 16