A nation can produce two products: steel and wheat. The table below is the nation’s production...
A nation can produce two products: steel and wheat. The table below is the nation’s production possibilities schedule:
| Production Possibilities Schedule | ||||||
| Product | A | B | C | D | E | F |
| Steel | 0 | 1 | 2 | 3 | 4 | 5 |
| Wheat | 100 | 90 | 75 | 55 | 30 | 0 |
In moving from combination E to F, the opportunity cost of an additional unit of steel is
rev: 05_10_2018
Multiple Choice
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30 units of wheat.
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5 units of steel.
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0 unit of wheat.
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1 unit of steel.
Homework Answers
When moving from combination E to F, the production of one more unit requires the nation to give up the production of 30 units of wheat so, the opportunity cost of steel is:-
30/1 = 30 wheat
option(A)
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A nation can produce two products: steel and wheat. The table
below is the nation’s production...
A nation can produce two products: steel and wheat. The table below is the nation’s production...
A nation can produce two products: steel and wheat. The table below is the nation’s production possibilities schedule: Production Possibilities Schedule Product Product A B C D E F Steel 0 1 2 3 4 5 Wheat 100 90 75 55 30 0 If the nation uses all of its resources to produce only wheat, then its production combination will be
A nation can produce two products: steel and wheat. The table below is the nation's production...
A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule. Production Possibilities Product A B C D E Steel Wheat 90 75 The marginal opportunity cost of the third unit of steel is 100 30 0 20 units of wheat. 25 units of wheat. $3 units of w at - 55 units of wheat.
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