Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours= 1 lb Lbs produced in 24hrs Pork. Tomatoes. Pork. Tomatoes F. 6. 3. 4. 8 R. 4. 4. 6. 6
Refer to Table 3-23. The opportunity cost of 1 pound of pork for the farmer is
a) 1/2 pounds of tomatoes
b) 1/2 hour of labor
c) 2 pounds of tomatoes
d) 2 hours of labor
Answer: c) 2 pounds of tomatoes
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