Japan and Korea both harvest wheat and fish. For each bushel of wheat Japan produces, it...

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Japan and Korea both harvest wheat and fish. For each bushel of wheat Japan produces, it gives up the opportunity to catch 75

business economics

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Answer 1

Answer #1

	Wheat	Fish	Opp cost of Wheat	Opp cost of Fish
Japan	1	75	75	0.01
Korea	1	50	50	0.02

Q1. Option 3

From the above table we can observe that the opportunity cost of wheat is less for Japan and opportunity cost of Fish is less for Korea

Q2. Option 3

When compared between Japan and Wheat, we can observe that the opportunity cost of wheat is lower for Korea

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Answer 2

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