The following table shows the hourly output per worker measured as quarts of oli

Question

The following table shows the hourly output per worker measured as quarts of olive oil and pounds of pasta in Greece and Italy Output per Hour of Work Pasta Olive Oil Greece The opportunity cost of producing one more quart of olive oil n Greece is pounds o' pasta (Enter your response rounded to ho de r al places ) The opportunity cost of producing one more quart o' Olive oil Italy s pounds of pasta Enter your response rounded to two decimal places ) The opportunity cost of producing one more pound of pasta Greece is quarts of olive oil. Enter your response rounded to two decma,places) The opportunity cost of producing one more pound of pasta in it hy ] quarts of olive oil Enter your response rounded to two decimal places

Explanation / Answer

1- opportunity cost is the cost here of one good in terms of the other,

A- opportunity cost of producing one more unit of olive poil in greece is 0.5 units of pasta,

B- opportunity cost of producing one more quart of olive oil in italy is 8/4 = 2 units of pasta

c- opportunity cost of producing one more pound of pasta in greece is 4/2 = 2 quarts of olive oil

D- the opportunity cost of producing one more pund of pasta in italy is 4/8 = 0.5 units of olive oil.

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