Business: Alternate Outputs from One Day s Labor Input: USA: 12 bushels of wheat or 3 yards of textiles. India: 3 bushels of wheat or 12 yards of textiles. The opportunity cost of one bushel of wheat in India is: a. Syntax error from line 1 column 49 to line 1 column 73. b. Unexpected c. 3 yards of textiles. d. 4 yards of textiles. e. 12 yards of textiles.

Alternate Outputs from One Day s Labor Input: USA:

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29.01.2022

d. 4 yards of textiles.

Explanation:

In India, the ratio of yards of textiles to bushels of wheat that can be manufactured in one day's labor is given by:

$r=\frac{12\ yards}{3\ bushels}\\r=\frac{4\ yards}{1\ bushels}$

This means that for each bushel of wheat, 4 yards of textiles could have been produced.

Therefore, the opportunity cost of one bushel of wheat in India is d. 4 yards of textiles.

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