Table 3-12

-Refer to Table 3-1.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 3-12
 
-Refer to Table 3-1.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 producing 1 pound of potatoes is the amount of meat that could have been produced with the same resources. According to the table, if the farmer produces 1 pound of potatoes, they forgo producing 0.625 pounds of meat.

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