Homework Answers
a) For the year 2010 , t = 10 . Then
The amount of production in 2010 was 2231 million barrels.
b) For the year 2020 , t =20 . Then
If the trend continues, the amount of production in 2020 will be 5734 million barrels.
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The annual amount of crude oil production in a country (in millions of barrels) can be...
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Table: The Production Possibilities for Tractors and Crude Oil Crude oil (thousands of barrels) Country Tractors United States 80 40 Mexico Reference: Ref 5-5 60 180 (Table: The Production Possibilities for Tractors and Crude Ol Look at the table The Production Possibilities for Tractors and Crude Oil. The opportunity cost in the United States of producing 40 tractors is (thousand) barrels of crude oil. a) 80 b) 40 Oc) 20 d) 60
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