Figure 2-8 above shows the production possibilities frontier for Vidalia, a nation that produces two goods, roses and orchids. 8) Refer to Figure 2-8. What is the opportunity cost of 80 dozen orchids? 8) _______ A) 0 roses B) 2.5 dozen roses C) 40 dozen roses D) 200 dozen roses

Figure 2-8 above shows the production possibilities frontier for Vidalia, a nation that produces two goods, roses and orchids. 8) Refer to Figure 2-8. What is the opportunity cost of 80 dozen orchids? 8) _______ A) 0 roses B) 2.5 dozen roses C) 40 dozen roses D) 200 dozen roses

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 6SQP

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Suppose that the nation of Costa Rica produces Coffee and Bananas. Below are the possible combinations of Coffee and Bananas that Costa Rica can produce. Combination Bananas metric tons (X axis) Coffee metric tons (Y axis) A 20,000 0 B 18,000 11,000 C 14,000 20,000 D 8,000 27,000 E 0 30,000 What is the opportunity cost (amount & item) of increasing production from 11,000 tons of coffee to 20,000 tons of coffee ? ________________ What is the opportunity cost (amount & item )of increasing production from 20,000 tons of coffee to 27,000 tons of coffee? _____________ What is the opportunity cost (amount & item) of increasing production from 27,000 tons of coffee to 30,000 tons of coffee ? ________________ What is happening to the opportunity cost as Costa Rica produces more coffee ? _____________
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