Asked by
Elissa Jaber
on Dec 17, 2024
Verified
Suppose that in one hour Dewey can produce either 10 bushels of corn or 20 yards of cloth. Dewey's opportunity cost of producing one bushel of corn is 1/2 yard of cloth.
Opportunity Cost
Foregoing the chance for potential earnings from other routes when one is selected.
Bushels of Corn
A unit of measurement used in agriculture, particularly in the United States, to quantify volumes of corn production and trade.
- Acquire knowledge about the concept and formula of opportunity cost and its role in economical decision-making.
Verified Answer
GT
Learning Objectives
- Acquire knowledge about the concept and formula of opportunity cost and its role in economical decision-making.