The following table gives recent figures for yield per acre in Illinois and Kansas :Illinois: WHEAT 48 SOYBEANS 39 Kansas: WHEAT40 SOYBEANS 24If we transfer land out of wheat into soybeans , how many bushels of wheat do we give up in Illinois per additional bushel of soybeans produced in Kansas ?Which state has a comparative advantage in wheat produc tion ? in soybean production ?The following table gives the distribution of land planted for each state in millions of acres in the same year .Illinois TOTAL ACRES UNDER TILL 22.9 WHEAT 1.9 ( 8.3 % ) SOYBEANS 9.1 ( 39.7 % )Kansas TOTAL ACRES UNDER TILL 20.7 WHEAT 11.8 ( 57.0 % ) SOYBEANS1.9 ( 9.2 % ) Are these data consistent with your answer to question 2? Explain .

Opportunity cost(OC) is the benefits that were foregone from the next best alternative to the…

Answered: The following table gives recent…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following table gives recent figures for yield per acre in Illinois and Kansas :

Illinois: WHEAT 48 SOYBEANS 39

Kansas: WHEAT40 SOYBEANS 24

If we transfer land out of wheat into soybeans , how many bushels of wheat do we give up in Illinois per additional bushel of soybeans produced in Kansas ?
Which state has a comparative advantage in wheat produc tion ? in soybean production ?
The following table gives the distribution of land planted for each state in millions of acres in the same year .

Illinois TOTAL ACRES UNDER TILL 22.9

WHEAT 1.9 ( 8.3 % )

SOYBEANS 9.1 ( 39.7 % )

Kansas TOTAL ACRES UNDER TILL 20.7

WHEAT 11.8 ( 57.0 % )

SOYBEANS1.9 ( 9.2 % )

Are these data consistent with your answer to question 2? Explain .

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

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