Explanation Given, Total land is 124 million acre. Land used to grow 1.8 billion bushels of wheat is 40 million acre. Land used to grow 9 billion bushels of corn is 60 million acre. In this case, total land used is 100 million acres however; total available land is 124 million acres. This means that 24 million acres of land are uncultivated. Since the cultivated land is below total available land hence, it is feasible. But the allocation is inefficient as 24 acres of land is uncultivated which could have been used for cultivating wheat or corn. b. Feasibility and efficiency of land allocation. The production point is (ii) feasible but not efficient in production. Given, Total land is 124 million acre. Total wheat produced when 40 acres of land are transferred from corn to wheat is 3.158 billion bushels. Total corn produced is 10.107 billion bushels. In this case, total land used is 124 million acres and total available land is 124 million acres...

what the opportunity cost in utilization of land in U S Concept Introduction: Opportunity Cost: It is the next best option available to a person. Opportunity cost refers to the benefits which are given up in the process of obtaining the current result. Production Possibility Frontier (PPF): It is defined as the combination of all goods that can be manufactured efficiently with the available resources. It is also called production possibility curve. It may be increasing decreasing or constant in nature.

Macroeconomics

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ISBN: 9781464110375

Author: Paul Krugman, Robin Wells

Publisher: Worth Publishers

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate …

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what the opportunity cost in utilization of land in U S

Concept Introduction:

Opportunity Cost: It is the next best option available to a person. Opportunity cost refers to the benefits which are given up in the process of obtaining the current result.

Production Possibility Frontier (PPF): It is defined as the combination of all goods that can be manufactured efficiently with the available resources. It is also called production possibility curve. It may be increasing decreasing or constant in nature.

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