Opportunity Costs and Managerial Decision Making in a ...
Calculating their comparative advantages: Opportunity Cost of Each Activity. Rancher Farmer Lbs. of Meat not produced per Lb. of Potatoes 40 / 5 = 8 2 / 4 = 1/2 Lbs. of Potatoes not produced per Lb. of Meat 5 / 40 = 1/8 4 / 2 = 2 Specialization patterns: Rancher in meat (traded for the Farmer’s potatoes). ................
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