Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate. Labor Hours Needed Pounds Produced to Make 1 Pound of in 24 Hours Meat Potatoes Meat Potatoes Farmer 8 3 12 Rancher 6 4 The farmer should specialize in the production of O a. both goods and the rancher should specialize in the production of neither good. O b. potatoes and the rancher should specialize in the production of meat. Oc. neither good and the rancher should specialize in the production of both goods. O d. meat and the rancher should specialize in the production of potatoes.
Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate. Labor Hours Needed Pounds Produced to Make 1 Pound of in 24 Hours Meat Potatoes Meat Potatoes Farmer 8 3 12 Rancher 6 4 The farmer should specialize in the production of O a. both goods and the rancher should specialize in the production of neither good. O b. potatoes and the rancher should specialize in the production of meat. Oc. neither good and the rancher should specialize in the production of both goods. O d. meat and the rancher should specialize in the production of potatoes.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question

Transcribed Image Text:Assume that the farmer and the rancher can switch between producing meat and producing
potatoes at a constant rate.
Labor Hours Needed Pounds Produced
to Make 1 Pound of
in 24 Hours
Meat
Potatoes
Meat Potatoes
Farmer
8
2
3
12
Rancher
6
8.
4
The farmer should specialize in the production of
O a. both goods and the rancher should specialize in the production of neither good.
O b. potatoes and the rancher should specialize in the production of meat.
O. neither good and the rancher should specialize in the production of both goods.
O d. meat and the rancher should specialize in the production of potatoes.

Transcribed Image Text:If your tuition is $2,000 this semester, your books cost $400, you can only work 10 rather than 40
hours per week during the 15 weeks you are taking classes and you make $12 per hour, and your
room and board is $4,000 this semester, then your opportunity cost of attending college this
semester is
O a. $7,800.
O b. $11,800.
O. $2,760.
O d. $2,400.
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