able 3-12 Labor Hours Needed to Make 1 Pound of: Amount Produced in 40 hours Mea

Question

able 3-12

Labor Hours Needed to
Make 1 Pound of:

Amount
Produced in 40 hours

Meat

Potatoes

Meat

Potatoes

Farmer

8 hours/pound

5 hours/pound

5 pounds

8 pounds

Rancher

4 hours/pound

10 hours/pound

10 pounds

4 pounds

Refer to Table 3-1. For the farmer, 12.8 pounds of

meat is the opportunity cost of 10.6 pounds of potatoes.

meat is the opportunity cost of 16.0 pounds of potatoes.

potatoes is the opportunity cost of 8.0 pounds of meat.

potatoes is the opportunity cost of 6.8 pounds of meat.

Labor Hours Needed to
Make 1 Pound of:

Amount
Produced in 40 hours

Meat

Potatoes

Meat

Potatoes

Farmer

8 hours/pound

5 hours/pound

5 pounds

8 pounds

Rancher

4 hours/pound

10 hours/pound

10 pounds

4 pounds

Explanation / Answer

For a farmer, the opportunity cost of one pound of potatoes is 5/8 = 0.625 of the pound of meat. For 12.8 pounds multiply the opportunity cost by the same amount and the opportunity cost is 8 pounds of meat for 12.8 pounds of potatoes.

the correct option is (c)

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.