Homework Help is Here – Start Your Trial Now!
Business
Economics
Assume that Ghana has a Production Possibility Frontier given by: 500=5F+2C     where F represents units of Food produced by Ghana, and C represents units of Clothing produced by Ghana. What is the opportunity cost of producing Food for Ghana?     a) The opportunity cost of producing 1 unit of Food for Ghana is 2.5 (or 5/2) units of Clothing     b) The opportunity cost of producing 1 unit of Food for Ghana is 0.4 (or 2/5) units of Clothing     c) The opportunity cost of producing 1 unit of Food for Ghana is 1.5 (or 3/2) units of Clothing     d) The opportunity cost of producing 1 unit of Food for Ghana is 0.66 (or 2/3) units of Clothing

Assume that Ghana has a Production Possibility Frontier given by: 500=5F+2C     where F represents units of Food produced by Ghana, and C represents units of Clothing produced by Ghana. What is the opportunity cost of producing Food for Ghana?     a) The opportunity cost of producing 1 unit of Food for Ghana is 2.5 (or 5/2) units of Clothing     b) The opportunity cost of producing 1 unit of Food for Ghana is 0.4 (or 2/5) units of Clothing     c) The opportunity cost of producing 1 unit of Food for Ghana is 1.5 (or 3/2) units of Clothing     d) The opportunity cost of producing 1 unit of Food for Ghana is 0.66 (or 2/3) units of Clothing

icon
Related questions
Question

Note:-

  • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
  • Answer completely.
  • You will get up vote for sure.

 

 

Assume that Ghana has a Production Possibility Frontier given by: 500=5F+2C

   

where F represents units of Food produced by Ghana, and C represents units of Clothing produced by Ghana. What is the opportunity cost of producing Food for Ghana?
   

a) The opportunity cost of producing 1 unit of Food for Ghana is 2.5 (or 5/2) units of Clothing
   

b) The opportunity cost of producing 1 unit of Food for Ghana is 0.4 (or 2/5) units of Clothing
   

c) The opportunity cost of producing 1 unit of Food for Ghana is 1.5 (or 3/2) units of Clothing
   

d) The opportunity cost of producing 1 unit of Food for Ghana is 0.66 (or 2/3) units of Clothing
Expert Solution
steps

Step by step

Solved in 3 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Opportunity Cost
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.