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Daily quiz-3 (01/14): Print your name and ID in BLOCK letters.

Daily quiz-3 (01/14): Print your name and ID in BLOCK letters.

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Daily quiz-3 (01/14): Print your name and ID in BLOCK letters.

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  1. Daily quiz-3 (01/14): Print your name and ID in BLOCK letters. Assume that all land in Iowa is used for corn or soybean production. Because of the Spring floods (in April, May), some of the land could not be sown in May 2010. What happened to Iowa’s PPF for the year 2010? Ans: PPF shifts left or lower 2. Tom can produce either 16 oz of meat or 140 oz of milk in 8 hrs. - What is Tom’s opportunity cost of producing meat? Ans: 140/16 = 8.75 oz of milk - What is Tom’s opportunity cost of producing milk? Ans: 16/140 = 0.11 oz of meat

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