What is the relative price (opportunity cost) of cloth in England, before trade begins?a. 1/2 yard of cloth b. 2 man-hours/bottle c. 1 bottle of wine d. 2 bottles of wine e. 3 bottles of wine winePortugal90807060.504030201000 10 20 30 40 50 60clothPPFCPFWine90.8070605040302010.00EnglandPPFCPF+|10 20 30 40 50 60cloth

Opportunity cost refers to the value of the next best alternative forgone when an individual,…

Answered: wine 90 80 70 60 50 40 30 20 10- 0. 0…

wine 90 80 70 60 50 40 30 20 10- 0. 0 10 20 30 40 50 60 cloth - Portugal PPF CPF 90 wine 288888888 80 70 60 50 40 30 20 10 England PPF CPF 0. 0 10 20 30 40 50 60 cloth

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

What is the relative price (opportunity cost) of cloth in England, before trade begins?

a. 1/2 yard of cloth

b. 2 man-hours/bottle

c. 1 bottle of wine

d. 2 bottles of wine

e. 3 bottles of wine

wine
Portugal
90
80
70
60.
50
40
30
20
10
0
0 10 20 30 40 50 60
cloth
PPF
CPF
Wine
90.
80
70
60
50
40
30
20
10.
0
0
England
PPF
CPF
+
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10 20 30 40 50 60
cloth

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