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The following production possibilities schedule shows the quantities of soybeans and oil that can ...

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The following production possibilities schedule shows the quantities of soybeans and oil that can ...

The following production possibilities schedule shows the quantities of soybeans and oil that can each be produced in Canada and Mexico with one unit of equivalent resources.

	Soybeans (bushesls)	Oil (barrels)
Canada	60	10
Mexico	24	8

TABLE 19-3

Refer to Table 19-3. The opportunity cost of one bushel of soybeans in Mexico is

▸ 3 barrels of oil.

▸ 0.33 barrels of oil.

▸ lower than the opportunity cost of soybeans in Canada.

▸ indicative of Mexico's comparative advantage in soybean production.

▸ 0.4 bushels of soybeans.

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Microeconomics

Edition: 17^th

Author: Ragan

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