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England can produce either 12 bushels of corn or 34 bushels of wheat. What is England's opportunity cost of producing 1 bushel of corn (in terms of bushels of wheat)

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Answer: 2.83 bushels of wheat

Explanation:

If England is not producing 12 bushels of corn, they would be able to produce 34 bushels of wheat.

This means that England's opportunity cost for corn is;

= 34/12

=  2.83 bushels of wheat

For every bushel of corn produced, England could have produced 2.83 bushels of wheat.

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