The table below shows the maximum number of apples or bananas that person “X” and person “Y” can produce using all of their time and resources.
| Apples | Bananas | |
|---|---|---|
| X | 10 | 50 |
| Y | 30 | 30 |
What is X's opportunity cost of producing 1 apple? What is Y's opportunity cost of producing 1 apple?
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Production and returns to scale has come up 92 times in 6 exams since 2007.
This question is on Production possibilities and opportunity cost, part of Production and returns to scale in Microeconomics.
The frontier of feasible outputs, opportunity cost, and what shifts the frontier, including technological change.
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Question from the UoH 2018 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.