The table below presents the production possibilities schedules for the cities of Venice and Florence, each of which produces pasta and wine. Production Possibilities Schedules for Venice and Florence Florence Venice Pasta (pounds) 50 25 Wine (bottles) 0 20 40 Pasta (pounds) 40 20 0 Wine (bottles) 0 40 80 0 Instructions: In parts b and d, round your answers to two decimal places. a. What is Venice's opportunity cost of producing one pound of pasta?
The table below presents the production possibilities schedules for the cities of Venice and Florence, each of which produces pasta and wine. Production Possibilities Schedules for Venice and Florence Florence Venice Pasta (pounds) 50 25 Wine (bottles) 0 20 40 Pasta (pounds) 40 20 0 Wine (bottles) 0 40 80 0 Instructions: In parts b and d, round your answers to two decimal places. a. What is Venice's opportunity cost of producing one pound of pasta?
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Hi, I am needing help with "b."
Transcribed Image Text:The table below presents the production possibilities schedules for the cities of Venice and Florence, each of which produces pasta
and wine.
Production Possibilities Schedules for Venice and Florence
Florence
Venice
Pasta
Wine
(bottles)
(pounds)
50
0
25
20
0
40
Instructions: In parts b and d, round your answers to two decimal places.
a. What is Venice's opportunity cost of producing one pound of pasta?
Pasta
(pounds)
40
20
0
Wine
(bottles)
0
40
80
O 1.25 bottle(s) of wine
0.5 bottle(s) of wine
0.8 bottle(s) of wine
2 bottle(s) of wine
b. What is Venice's opportunity cost of producing one bottle of wine?
pound(s) of pasta
c. What is Florence's opportunity cost of producing one pound of pasta?
O 1.25 bottle(s) of wine
0.8 bottle(s) of wine
O2 bottle(s) of wine
O 0.5 bottle(s) of wine
d. What is Florence's opportunity cost of producing one bottle of wine?
pound(s) of pasta
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