### Production and Opportunity Cost Analysis#### Use the table below to answer the question:**Production Chart**| | Lemons | Limes ||---------|--------|-------|| Country A | 55 | 66 || Country B | 57 | 35 |**Question:** What is the opportunity cost of producing a lime for Country B?**Instructions:** Round your answer to four decimal places.To find the opportunity cost of producing a lime for Country B, we need to calculate the amount of lemons that Country B sacrifices in order to produce one additional lime.This can be calculated using the formula for opportunity cost:\[ \text{Opportunity Cost} = \frac{\text{Lost Output of Lemons}}{\text{Gained Output of Limes}} \]For Country B:- Maximum output of Lemons = 57- Maximum output of Limes = 35Thus,\[ \text{Opportunity Cost of 1 Lime} = \frac{57}{35} = 1.6286 \]Therefore, the opportunity cost of producing one lime for Country B is **1.6286 lemons**.

Opportunity cost of producing a good is a decrease in production of other good needed.

Use the table below to answer the question. Production Chart Lemons Limes Country A 55 66 Country B 57 35 What is the opportunity cost of producing a lime for Country B? Round your answer to four decimal places.

Use the table below to answer the question. Production Chart Lemons Limes Country A 55 66 Country B 57 35 What is the opportunity cost of producing a lime for Country B? Round your answer to four decimal places.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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