Refer to the following table: Amount Produced in 20 hours: Rice (kg). Butter (kg) Australia 2 4 New Zealand 20 According to the Table, for New Zealand the opportunity cost of 1kg of rice is: Select one: O a 5kg of butter O b. 1kg of butter O c. 2kg of butter O d. 4kg of butter

Refer to the following table: Amount Produced in 20 hours: Rice (kg). Butter (kg) Australia 2 4 New Zealand 20 According to the Table, for New Zealand the opportunity cost of 1kg of rice is: Select one: O a 5kg of butter O b. 1kg of butter O c. 2kg of butter O d. 4kg of butter

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

q5-

Refer to the following table:
Amount Produced in 20 hours:
Rice (kg).
Butter (kg).
Australia
2
4
New Zealand
20
According to the Table, for New Zealand the opportunity cost of 1kg of rice is:
Select one:
a. 5kg of butter
O b. 1kg of butter
O c. 2kg of butter
O d. 4kg of butter

Expert Solution

Step 1

$N e w Z e l a n d c a n p r o d u c e e i t h e r 5 k g o f r i c e o r 20 k g b u t t e r i n 20 h o u r s T h u s, O p p o r t u n i t y \cos t o f p r o d u c i n g 1 k g r i c e = \frac{20}{5} = 4 k g o f b u t t e r$

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