I have attached my question as an image. Thank you in advance. 7.Table 3-1Labor Hours Needed to Make 1Pound of:Pounds produced in 40 hours:MeatPotatoesMeatPotatoes20FarmerRancher8.245108a) Refer to Table 2-3. The opportunity cost of 1 pound of potatoes for the rancher isO a. 5 hours of labor.b. 4 hours of labor.O c5/4 pounds of meat.O d. 4/5 pound of meat.b) Refer to Table 2-3. The farmer and the rancher both could benefit if the famer were to specialize inO a. meat and the rancher were to specialize in potatoes.b. potatoes and the rancher were to specialize in meat.c. neither good and the rancher were to specialize in both goods.O d. none of the above; they cannot both benefit by specialization and trade.

a) Refer 2-3. The opportunity cost of 1 pound of potatoes for the rancher is: 4/5 pounds of meat.…

Answered: Table 3-1 Labor Hours Needed to Make 1…

Table 3-1 Labor Hours Needed to Make 1 Pound of: Meat Pounds produced in 40 hours: Potatoes Meat Potatoes Farmer 8 2 5 20 Rancher 4 5 10

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 19CTQ: Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers...

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Question

I have attached my question as an image.

Thank you in advance.

7.
Table 3-1
Labor Hours Needed to Make 1
Pound of:
Pounds produced in 40 hours:
Meat
Potatoes
Meat
Potatoes
20
Farmer
Rancher
8.
2
4
5
10
8
a) Refer to Table 2-3. The opportunity cost of 1 pound of potatoes for the rancher is
O a. 5 hours of labor.
b. 4 hours of labor.
O c5/4 pounds of meat.
O d. 4/5 pound of meat.
b) Refer to Table 2-3. The farmer and the rancher both could benefit if the famer were to specialize in
O a. meat and the rancher were to specialize in potatoes.
b. potatoes and the rancher were to specialize in meat.
c. neither good and the rancher were to specialize in both goods.
O d. none of the above; they cannot both benefit by specialization and trade.

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