Q.2. This table below shows the production possibilities for the United States. State the opportunity costof moving from pointa) B to C:b) D to Ec) E to Fd) F to DProduction PointABmonсᎠEFWheat Production(Bushels per year)010 million20 million30 million40 million50 millionCar Production(Cars per year)500,000475,000425,000350,000200,0000

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Q.2. This table below shows the production possibilities for the United States. State the opportunity cost of moving from point a) B to C: b) D to E c) E to F d) F to D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.

Question

Q.2. This table below shows the production possibilities for the United States. State the opportunity cost
of moving from point
a) B to C:
b) D to E
c) E to F
d) F to D
Production Point
A
B
mon
с
Ꭰ
E
F
Wheat Production
(Bushels per year)
0
10 million
20 million
30 million
40 million
50 million
Car Production
(Cars per year)
500,000
475,000
425,000
350,000
200,000
0

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