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Answer :
d) Producing 1 pound of coffee costs half a pound of tea in terms of foregone tea production.
The opportunity cost represents the value of the next best alternative that must be forgone when a choice is made. In this scenario, the opportunity cost of producing 1 pound of coffee is 0.5 pounds of tea. This means that for every pound of coffee produced, the country must forgo the production of 0.5 pounds of tea. Therefore, option d) correctly states the relationship between the production of coffee and tea in terms of opportunity cost. the correct statement is that producing 1 pound of coffee costs half a pound of tea in terms of foregone tea production. This indicates the trade-off between producing coffee and producing tea, and it highlights the opportunity cost associated with choosing to produce coffee over tea.
complete question:
What is the correct statement regarding the opportunity cost of producing 1 pound of coffee being 0.5 pound of tea in Colombia?
a) Producing 1 pound of coffee costs twice as much as producing 1 pound of tea.
b) Producing 1 pound of tea costs half as much as producing 1 pound of coffee.
c) Producing 1 pound of coffee has no effect on the production of tea.
d) Producing 1 pound of coffee costs half a pound of tea in terms of foregone tea production.
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