Textbook Notes (369,133)
Canada (162,403)
Economics (748)
ECON 1BB3 (339)
Chapter 3

Chapter 3

2 Pages
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Department
Economics
Course Code
ECON 1BB3
Professor
Bridget O' Shaughnessy

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Description
CHAPTER 3 PROBLEMS AND APPLICATIONS ANSWERS 2. a) Econ 100 250 Soc b) The opportunity cost of reading 100 pages of sociology is 40 pages of economics (to read an extra 100 pages of soc, Maria must give up reading 40 pages of econ). 3. a) Workers needed to make one: Amount produced in one year: car ton of grain car ton of grain US 1/4 1/10 400 mill 1000 mill Japan 1/4 1/5 400 mill 500 mill b) Cars (mill. units) 400 500 1000 Grain (mill. tons) c) US - opportunity cost of one car is 2.5 tons of grain
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