8
(Choose 1 answer)
Table 3-4
(17749) Refer to Table 3-4. The opportunity cost of 1 pound of potatoes for the farmer is
A. 5 hours of labor.
B. 2 hours of labor.
C. 5 pounds of meat.
Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate.
Labor Hours Needed to Make 1 Pound of
Pounds Produced in 40 Hours
Meat
10
4
Potatoes
2
8
Meat
4
10
Potatoes
20
5
Farmer
Rancher
D. 1/5 pound of meat.
