uppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish daily. 4. What is the opportunity cost of producing 1 foot of lumber?  5. Use your graph to determine how many fish can be caught if 60 million feet of lumber are cut.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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2-2b Suppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish daily.

4. What is the opportunity cost of producing 1 foot of lumber? 

5. Use your graph to determine how many fish can be caught if 60 million feet of lumber are cut.

Expert Solution
Step 1

Given 

The total number of workers in Canada is 18 million

One worker can cut 10 feet of lumber or catch 20 fish daily.

We have to find the opportunity cost of producing 1 foot of lumber and draw the production possibility curve.

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