Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![7. (a) In your own words, write what opportunity cost means?
(b) Write the opportunity cost of each decision;
() Last year Farmer Smith planted 20 acres of corn and
20 acres of soybeans on his 40-acre farm. This year he
planted 30 acres of corn and 10 acres of soybeans.
(i) Mrs. Johnson wants to use her vacant building to
operate either a pizza restaurant or an insurance business.
She decides to operate the pizza restaurant.
Williams teaches 5th grade science. He has only one
week left in the school year. He wants to teach a unit on
water resources and a unit on insects, but he does not
(ii)
have time to do both. He decides to teach the unit on
water.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb574ae7b-97ae-4b91-9411-10a8b690c9d3%2F7654f1bd-a43b-44c3-840a-111d5ce8230b%2F3ltwh3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:7. (a) In your own words, write what opportunity cost means?
(b) Write the opportunity cost of each decision;
() Last year Farmer Smith planted 20 acres of corn and
20 acres of soybeans on his 40-acre farm. This year he
planted 30 acres of corn and 10 acres of soybeans.
(i) Mrs. Johnson wants to use her vacant building to
operate either a pizza restaurant or an insurance business.
She decides to operate the pizza restaurant.
Williams teaches 5th grade science. He has only one
week left in the school year. He wants to teach a unit on
water resources and a unit on insects, but he does not
(ii)
have time to do both. He decides to teach the unit on
water.
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