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Author Question: A farmer is deciding whether or not to add fertilizer to his or her crops. If the farmer adds 1 ... (Read 154 times)

iveyjurea

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on: Jun 30, 2018
A farmer is deciding whether or not to add fertilizer to his or her crops. If the farmer adds 1 pound of fertilizer per acre, the value of the resulting crops rises from 80 to 100 per acre. According to marginal analysis, the farmer should add fertilizer if it costs less than:
 a. 12.50 per pound. b. 20 per pound.
  c. 80 per pound. d. 100 per pound.

Question 2

The amount of a good that is given up to produce another good is:
 a. its dollar cost.
  b. its opportunity cost.
  c. its relative cost.
  d. its absolute cost.
  e. all of these.


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alexisweber49

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

b


iveyjurea

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Reply #2 on: Jun 30, 2018
Thank you


alexisweber49

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Reply #3 on: Jun 30, 2018
No problemo


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