9. Suppose China can produce 60 units of medications or 60 units of furniture with one unit of resources. The USA can produce 40 units of medications or 20 units of furniture with one unit of resources. a) Determine the opportunity cost of medication in China. b) Determine the opportunity cost of medication in the USA. c) Determine the opportunity cost of furniture in China. d) Determine the opportunity cost of furniture in the USA.
9. Suppose China can produce 60 units of medications or 60 units of furniture with one unit of resources. The USA can produce 40 units of medications or 20 units of furniture with one unit of resources. a) Determine the opportunity cost of medication in China. b) Determine the opportunity cost of medication in the USA. c) Determine the opportunity cost of furniture in China. d) Determine the opportunity cost of furniture in the USA.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
9.
Suppose China can produce 60 units of medications or 60 units of furniture with one unit of resources.
The USA can produce 40 units of medications or 20 units of furniture with one unit of resources.
a) Determine the
b) Determine the opportunity cost of medication in the USA.
c) Determine the opportunity cost of furniture in China.
d) Determine the opportunity cost of furniture in the USA.
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