Assume that it takes 2 hours of labor to produce a unit of good X and 6 hours of labor to produce a unit of good Y. What is the opportunity cost of producing 2 units of good Y?4 units of good X2 units of good X1/6 unit of good X6 units of good XZero opportunity cost, if all the labor is currently employed

The next best alternative is commonly referred to as opportunity cost. It's also known as the…

Assume that it takes 2 hours of labor to produce a unit of good X and 6 hours of labor to produce a unit of good Y. What is the opportunity cost of producing 2 units of good 4 units of good X 2 units of good X 1/6 unit of good X

Assume that it takes 2 hours of labor to produce a unit of good X and 6 hours of labor to produce a unit of good Y. What is the opportunity cost of producing 2 units of good 4 units of good X 2 units of good X 1/6 unit of good X

Survey of Economics (MindTap Course List)

9th Edition

ISBN:9781305260948

Author:Irvin B. Tucker

Publisher:Irvin B. Tucker

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 19SQ

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Question

Assume that it takes 2 hours of labor to produce a unit of good X and 6 hours of labor to produce a unit of good Y. What is the opportunity cost of producing 2 units of good Y?
4 units of good X
2 units of good X
1/6 unit of good X
6 units of good X
Zero opportunity cost, if all the labor is currently employed

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