On average, a book sells for $50. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The
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Answer:
2 and 4
Explanation:
Japanese worker can produce 6 units of steel or 3 televisions per hour.
Korean worker can produce 8 units of steel or 2 televisions per hour.
Opportunity cost is the cost of the lost alternative. So when the country decides to produce only televisions it has to give up on steel production. Thus, the units of steel forgone for each unit of television gained is an opportunity cost of a television.
Thus,
Opportunity cost of television for Japan =
Opportunity cost of television for Korea =
