Suppose that the productivity per worker in the apple juice and grape juice industries of Westlake and Eastlake are as follows: (a) (b) Westlake Eastlake Number of Litres per day Apple Juice 5 1 Or Or Grape Juice I 1 3 a) What is the opportunity cost of 1 litre of apple juice for Westlake? For Eastlake? b) What is the opportunity cost of 1 litre of grape juice for Westlake? For Eastlake?

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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.