A professor spends 10 hours per day giving lectures and writing papers For the p

Question

A professor spends 10 hours per day giving lectures and writing papers For the professor, a graph that shows his various possible mixes of output (lectures given per day and papers written per day) is called his Select one: line of tastes trade-off curve production possibilities frontier consumption possibilities frontier Suppose a gardener produces both tomatoes and squash in his garden. If the opportunity cost of one bushel of squash is 2 5 bushel of tomatoes, then the opportunity cost of 1 bushel of tomatoes is Select one 2/5 bushel of squash 5/2 bushels of squash 2 bushels of squash 5 bushels of squash

Explanation / Answer

(1) (c)

A production possibilities frontier shows the various combinations of outputs produced and achievable.

(2) (b)

Opportunity cost (OC) of 1 bushel of tomato = 1 / OC of 1 bushel of squash = 1 / (2/5) = 5 / 2

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