**Opportunity Cost of Producing Cruise Ships in Norway**The task here is to determine the opportunity cost of producing one cruise ship in Norway based on the provided data.**Table Overview:**The table outlines the worker units required in Norway and the United States to produce cruise ships and barrels of crude oil in one year.- **Norway:** - 6 worker units produce 6 cruise ships. - 6 worker units produce 8 barrels of crude oil. - **United States:** - 6 worker units produce 6 cruise ships. - 6 worker units produce 2 barrels of crude oil.**Objective:**Determine the opportunity cost of producing one cruise ship in Norway.**Options:**a. 3/4 million barrels of crude oil b. 1 million barrels of crude oil c. 4/3 million barrels of crude oil d. 8 million barrels of crude oil To find the opportunity cost, compare how many barrels of crude oil Norway could produce with the resources used for one cruise ship. Calculate this by determining the ratio of barrels to cruise ships using the worker units data.**Answer Explanation:**Given the options, select the most applicable one based on calculated ratios.

Opportunity cost refers to the loss of value of alternative good because you choose another…

According to table 1.2, what is the opportunity cost of producing one cruise ship in Norway? Worker units required in each area to produce the following number of ships and barrels of crude oil in one year. Cruise Ships Select one: Norway United States a. 3/4 million barrels of crude oil b. 1 million barrels of crude oil c. 4/3 million barrels of crude oil d. 8 million barrels of crude oil 6 6 Barrels of Crude Oil 8 2

According to table 1.2, what is the opportunity cost of producing one cruise ship in Norway? Worker units required in each area to produce the following number of ships and barrels of crude oil in one year. Cruise Ships Select one: Norway United States a. 3/4 million barrels of crude oil b. 1 million barrels of crude oil c. 4/3 million barrels of crude oil d. 8 million barrels of crude oil 6 6 Barrels of Crude Oil 8 2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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