Hi, I'm taking Microeconomics and I don't understand how to complete this question in the image below. Please help. Thanks. HOC Grades for Naquin X00 Chapter 2 - Choice XIntroduction to Cc XX b My Questions ba X+bartleby - Bingnity.com/assessments/6019697b5590730334e2bd15?start=falseNot syncingChapter 2 - Choice in a World of Scarcity OPENI am finisThe table below shows various combinations of amounts of fish and corn that can be produced simultaneously in aneconomy, measured in millions of pounds.Corn Fish877865204330173640What is the opportunity cost of an action that increases fish production from 20 to 30?Opportunity Cost =Corn%3DWhat is the opportunity cost of an action that increases corn production from 17 to 43?Opportunity Cost =FishSubmit answerInstructions ^2:09 PMa2/2/20211010141insertprt scdelete&-backspacehomeERTpg uFenter00近

Name: Hi, I'm taking Microeconomics and I don't understand how to complete t
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Description: Hi, I'm taking Microeconomics and I don't understand how to complete this question in the image below. Please help. Thanks. HOC Grades for Naquin X00 Chapter 2 - Choice XIntroduction to Cc XX b My Questions ba X+bartleby - Bingnity.com/assessments/60

Answered: 40 What is the opportunity cost of an…

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

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Hi, I'm taking Microeconomics and I don't understand how to complete this question in the image below. Please help. Thanks.

HOC Grades for Naquin X
00 Chapter 2 - Choice X
Introduction to Cc X
X b My Questions ba X+
bartleby - Bing
nity.com/assessments/6019697b5590730334e2bd15?start=false
Not syncing
Chapter 2 - Choice in a World of Scarcity OPEN
I am finis
The table below shows various combinations of amounts of fish and corn that can be produced simultaneously in an
economy, measured in millions of pounds.
Corn Fish
87
78
65
20
43
30
17
36
40
What is the opportunity cost of an action that increases fish production from 20 to 30?
Opportunity Cost =
Corn
%3D
What is the opportunity cost of an action that increases corn production from 17 to 43?
Opportunity Cost =
Fish
Submit answer
Instructions ^
2:09 PM
a
2/2/2021
10
101
41
insert
prt sc
delete
&
-
backspace
home
E
R
T
pg u
F
enter
00
近

Expert Solution

Step 1

The choice bundles have been given in the columns.

The producer can produce 65 units of corn and 20 fishes or 43 units of corn with 30 fishes as the production will be a combination of both.

Thus, to increase the fish production it is seen that the producer has to sacrifice on the corn.

Thus, to increase fish production from 20 to 30 units the producer will have to sacrifice 22 units of corn.

Similarly, to increase corn production from 17 to 43 units the producer will have to sacrifice 6 units of fish.

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