Charlotte can produce pork and beans and can switch between producing them at a constant rate. If it takes her 10 hours to produce a pound of pork and 5 hours to produce a pound of beans, what is her opportunity cost of pork and what is her opportunity cost of beans?
The opportunity cost of pork is 10 pounds of beans/5 = 2 pounds of beans.
The opportunity cost of beans is 5 pounds of pork/10 pounds of pork = 1/2 pound of pork.
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