Labour hours needed to make 1 kilogram: Meat 4 14 Kilograms produced in 40 hours: Potatoes Meat Potatoes Farmer Rancher 1 10 40 10 8. Cefer to Table 3-2. What is the opportunity cost of 1 kilogram of meat for the farmer? elect one: O a. 1/4 kilogram of potatoes cre O b. 4 kilograms of potatoes cro O c. 4 hours of labour cro O d. 1/4 hour of labour crc

Labour hours needed to make 1 kilogram: Meat 4 14 Kilograms produced in 40 hours: Potatoes Meat Potatoes Farmer Rancher 1 10 40 10 8. Cefer to Table 3-2. What is the opportunity cost of 1 kilogram of meat for the farmer? elect one: O a. 1/4 kilogram of potatoes cre O b. 4 kilograms of potatoes cro O c. 4 hours of labour cro O d. 1/4 hour of labour crc

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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QUESTION 16 After much consideration, you have chosen Salalah over Baku as your Eid Break destination this year. However, Eid Break is still a week away, and you may reverse this decision. Which of the following events would prompt you to reverse this decision? O A. The marginal benefit of going to Salalah increases OB. The marginal cost of going to Baku decreases OC. The marginal cost of going to Salalah decreases OD. The marginal benefit of going to Baku decreases
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Question 14 The illustrates the various combinations of output that a society can produce if all of its resources are being used efficiently. O production possibilities frontier (PPF) O law of positive statements O principle of comparative advantage concept of absolute advantage O law of demand