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ID: 1207368 • Letter: H
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Solution
According to Table 20.4, what is the opportunity cost of 1 crate of eggs in Idaho?
One-tenth of a ton of potatoes
2 tons of potatoes
10 tons of potatoes
5 tons of potatoes
One-fifth of a ton of potatoes
The following table shows that in one day poultry farmers in Arkansas can produce 3 cartons of eggs, while poultry farmers in Idaho can produce 2 cartons of eggs. It takes Arkansas potato farmers one day to produce 30 tons of potatoes, while Idaho potato farmers produce 10 tons of potatoes in that same time.
Table 20.4
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Solution
According to Table 20.4, what is the opportunity cost of 1 crate of eggs in Idaho?
a.One-tenth of a ton of potatoes
b.2 tons of potatoes
c.10 tons of potatoes
d.5 tons of potatoes
e.One-fifth of a ton of potatoes
Explanation / Answer
D. 5 tons of potatoes
Opportunity cost is what you forgo for the production of given product.
S0 , for 2 Eggs you forgo 10 potatoes
an those 1 egg you forgo 5 potatoes
If you don't understand anything, then comment, I will revert back on the same.
And If you liked the answer then please do review the same. Thanks :)
D. 5 tons of potatoes
Opportunity cost is what you forgo for the production of given product.
S0 , for 2 Eggs you forgo 10 potatoes
an those 1 egg you forgo 5 potatoes
If you don't understand anything, then comment, I will revert back on the same.
And If you liked the answer then please do review the same. Thanks :)
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