A farmer produces both beans and corn on her farm. If she must give up 16 bushels of corn to be able to get 4 bushels of beans, then her opportunity cost of 1 bushel of beans is 0.25 bushels of corn. 16.00 bushels of corn. 4 bushels of corn. 2.99 bushels of corn.
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Answer:
Opportunity cost: opportunity cost refers to the units of a good sacrificed to produce one more unit of another good.
Here, if the gives up 16 bushels of corn to produce 4 bushels of beans then the opportunity cost will be as given below:
The opportunity cost of 1 bushel of beans is 4 bushels of corn.
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