The following table is the production possibilities for a 1000 acre farm that can grow wheat...
The following table is the production possibilities for a 1000 acre farm that can grow wheat or cotton. If the farmer planted 1000 acres in cotton, her production would be:
Wheat Production (bushels) | Cotton Production (Pounds)
0 | 800,000
10,000 | 740,000
20,000 | 660,000
30,000 | 550,000
40,000 | 410,000
50,000 | 230,000
60,000 | 0
a- 800,000 pounds of cotton
b- 740,000 pounds of cotton and 10,000 bushels of wheat
c- 800,000 pounds of cotton and 60,000 bushels of wheat
d- 60,000 pounds of cotton
Homework Answers
Ans is A
When all 1000 acre are used in cotton production then wheat=0 and cotton production=800000
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The following table is the production possibilities for a 1000
acre farm that can grow wheat...
The following table is the production possibilities for a 1000 acre farm that can grow wheat...
The following table is the production possibilities for a 1000 acre farm that can grow wheat or cotton. Suppose the farmer is currently producing 740,000 pounds of cotton and 10,000 bushels of wheat. What is the opportunity cost of increasing cotton production 60,000 pounds. Wheat production (Bushels) | Cotton Production (pounds) 0 | 800,000 10,000 | 740,000 20,000 | 660,000 30,000 | 550,000 40,000 | 410,000 50,000 | 230,000 60,000 | 0 - 10,000 bushels of wheat - 20,000 bushels...
The following table is the production possibilities for a 100 acre farm that can grow wheat...
The following table is the production possibilities for a 100 acre farm that can grow wheat or cotton. Suppose the farmer is currently producing 550,000 pounds of cotton and 30,000 bushels of wheat. What is the opportunity cost of increasing wheat production by 10,000 pounds (to 40,000) Wheat production (Bushels) | Cotton Production (pounds) 0 | 800,000 10,000 | 740,000 20,000 | 660,000 30,000 | 550,000 40,000 | 410,000 50,000 | 230,000 60,000 | 0 a- 410,000 pounds of cotton...
The following table is the production possibilities for a 1000 acre farm that can grow wheat...
The following table is the production possibilities for a 1000 acre farm that can grow wheat or cotton. Identify the correct statement below. Wheat production (Bushels) | Cotton Production (pounds) 0 | 800,000 10,000 | 740,000 20,000 | 660,000 30,000 | 550,000 40,000 | 410,000 50,000 | 230,000 60,000 | 0 a- wheat production does not have an opportunity cost b- marginal opportunity costs are increasing as the farmer increases wheat production c- cotton technology is increasing as wheat production...
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