For the question below use the following figures which illustrate the production possibilities available to a farmer and a rancher with 12 hours of labour. Given the information in the table below the table below Labour hours needed to make one pound of: Farmer Rancher Meat 10 5 Potatoes 4 1 For the rancher, the opportunity cost of one pound of meat is Select one: 5 pounds of meat 1 pound of meat 0.2 pound of potatoes 5 pounds of potatoes
For the question below use the following figures which illustrate the production possibilities available to a farmer and a rancher with 12 hours of labour. Given the information in the table below the table below Labour hours needed to make one pound of: Farmer Rancher Meat 10 5 Potatoes 4 1 For the rancher, the opportunity cost of one pound of meat is Select one: 5 pounds of meat 1 pound of meat 0.2 pound of potatoes 5 pounds of potatoes
Chapter15: Gross Domestic Product
Section: Chapter Questions
Problem 1SQ
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For the question below use the following figures which illustrate the production possibilities available to a farmer and a rancher with 12 hours of labour.
Given the information in the table below the table below
Labour hours needed to make one pound of:
Farmer Rancher
Meat 10 5
Potatoes 4 1
For the rancher, the
Select one:
5 pounds of meat
1 pound of meat
0.2 pound of potatoes
5 pounds of potatoes
Transcribed Image Text:Potatoes
(Pounds)
2
Farmer
Meat
(Pounds)
Potatoes
(Pounds)
3
0
1
Rancher
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