Suppose a farmer is currently producing 50 bushels of corn and 10 bushels of peanuts. According to the table below, the opportunity cost of 10 additional bushels of peanuts is Peanuts Corn (Bushels) (Bushels) 0 55 10 50 20 42 30 28 40 0 A. impossible to determine from the information given. B. 50 bushels of corn. C. 8 bushels of corn. D. 42 bushels of corn.

Suppose a farmer is currently producing 50 bushels of corn and 10 bushels of peanuts. According to the table below, the opportunity cost of 10 additional bushels of peanuts is Peanuts Corn (Bushels) (Bushels) 0 55 10 50 20 42 30 28 40 0 A. impossible to determine from the information given. B. 50 bushels of corn. C. 8 bushels of corn. D. 42 bushels of corn.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 3PA

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Concept explainers

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.

Question

Suppose a farmer is currently producing 50 bushels of corn and 10 bushels of peanuts. According to the table below, the opportunity cost of 10 additional bushels of peanuts is

Peanuts	Corn
(Bushels)	(Bushels)
0	55
10	50
20	42
30	28
40	0

A. impossible to determine from the information given.
B. 50 bushels of corn.
C. 8 bushels of corn.
D. 42 bushels of corn.

Suppose a farmer is currently producing 50 bushels of corn and 10 bushels of
peanuts. According to the table below, the opportunity cost of 10 additional
bushels of peanuts is
Peanuts
Corn
(Bushels)
(Bushels)
55
10
50
20
42
30
28
40
impossible to determine from the information given.
50 bushels of corn.
8 bushels of corn.
42 bushels of corn.

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