Question

A farmer produces both beans and corn on her farm. If she must give up 16 bushels of corn to be able to get 6 bushels of beans, then her opportunity cost of 1 bushel of beans is:

Answer 1

Answer:

opportunity cost  = 2.67 bushels of corn per 1  bushels of beans

Explanation:

given data

bushels of corn = 16  

bushels of beans = 6

to find out

opportunity cost of 1 bushel of beans

solution

we get here opportunity cost that is express as

opportunity cost  = $\frac{corn}{bean}$   ..............1

put here value and  we will be get here

opportunity cost  = $\frac{16}{6}$

opportunity cost  = 2.67 bushels of corn per 1  bushels of beans

Answer 2

Her opportunity cost of 1 bushel of beans is: 2.67 bushels of corn.

Opportunity cost:

Using this formula

Opportunity cost=Bushels of corn× Bushels of beans/Bushels of beans

Where:

Bushels of corn=16

Bushels of beans=1

Bushels of beans=6

Let plug in the formula

Opportunity cost=16×1/6

Opportunity cost=16/6

Opportunity cost=2.666

Opportunity cost=2.67 bushels of corn (Approximately)

Inconclusion her opportunity cost of 1 bushel of beans is: 2.67 bushels of corn.

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