Assignment #2

Assignment #2 - Name_ Student ID_ Econ 003: Microeconomics...

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Name___________________________________ Student ID_______________________________ Econ 003: Microeconomics Assignment # 2 Production possibilities for two countries USA UK Wheat Cloth Wheat Cloth All resources devoted to production of wheat 40 bushels 0 yards 10 bushels 0 yards All resources devoted to production of cloth 0 bushels 10 yards 0 bushels 20 yards 1. From the above table it appears that A. USA’s opportunity cost of wheat is ¼ yard of cloth which is the same as UK’s opportunity cost of wheat. B. USA’s opportunity cost of wheat is ¼ yard of cloth and UK’s opportunity cost of wheat is 2 yards of cloth C. USA’s opportunity cost of cloth is 4 bushels of wheat and UK’s opportunity cost of cloth is ½ bushel of wheat. D. USA’s opportunity cost of cloth is 4 bushels of wheat and UK’s opportunity cost of cloth is the same E. B and C are correct, A and D are incorrect. 2.
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Assignment #2 - Name_ Student ID_ Econ 003: Microeconomics...

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