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
b- 550,000 pounds of cotton
c-110,000 pounds of cotton
d- 140,000 pounds of cotton
e- 10,000 bushels of wheat
f-
Homework Answers
Current Production: 30000 bushels of Wheat and 550000 pounds of cotton, If Wheat production is increased from 30000 to 40000, it can be seen from table that production of cotton drops to 410000 pounds of cotton.
Thus opportunity cost of increasing wheat production by 10000 bushels is (550000 - 410000) = 140000 pounds of cotton.
Correct Ans - d
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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 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 1000 acre farm that can grow wheat...
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