Answer:
1 bushel of corn
Explanation: Opportunity cost may be explained as the potential loss incurred by opting to go for an alternative option.
If it takes 2 acres of land to grow 200 bushels of corn
4 acres of land to grow 200 bushels of beans, then opportunity cost of one bushel of beans is:
Opportunity cost = (Return on best option not chosen - return on the option chosen)
Opportunity cost of one bushel of beans :
200 bushel of corn = 2 acres
I bushel of corn = (2/200) = 0.01 acres
200 bushel of beans = 4 acres
1 bushel of beans = (4/200) = 0.02 acres
0.02 acres used to grow 1 bushel of beans would have been used to produce 2 bushel of corn
Therefore opportunity cost = (2 - 1) = 1
