![The city of Austin can buy roads or light rail. If 10 miles of roads cost $1 million and 2 miles of light rail cost $10 million, what is the citys opportunity cost of 1000 miles of roads? A. $100 million B. 2 miles of light rail C. 200 miles of light rail D. S50 million E. $1,000 million 8. 2]](http://img.homeworklib.com/questions/0aa9ff80-755d-11ea-b9a6-fda9ac51193d.png?x-oss-process=image/resize,w_560)
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Answer
A. $100 million
Opportunity cost is defined as the cost of one good in terms of the other good, here we want to know how many miles of light rail we would surrender as far as the streets we purchased. If we buy 1,000 miles of roads and the cost is $1 million for 10 miles of roads the total cost of roads is (1000/10)*(1,000,000)=$100,000,000 presently we have to compute the aggregate sum of light rail we could have purchased with the 100 million we spent on streets. Therefore if 2 miles of light rail cost 10 million then (100,000,000/10,000,000)*2=20 miles in light rails.
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