Table 3-4 Assume That the Farmer and the Rancher Can Switch Between

question 362

Multiple Choice

Table 3-4
Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate.

-Refer to Table 3-4.Which of the following combinations of meat and potatoes could the farmer produce in 24 hours?

• A) 1 pound of meat and 8 pounds of potatoes.
• B) 2 pounds of meat and 5 pounds of potatoes.
• C) 3 pounds of meat and 12 pounds of potatoes.
• D) 4 pounds of meat and 8 pounds of potatoes.

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Definitions:

Total Variable Cost

The sum of those costs that rise as output increases. Examples of variable costs are wages paid to workers and payments for raw materials.

Output

The total amount of goods or services produced by a company, sector, or economy during a specific period.

Per-Unit Cost of Production

The average cost incurred in producing one unit of a good or service, including all variable and fixed costs.

Grade-Point Average

A numerical representation of a student's academic performance, averaged across all completed courses.