A country can use all its resources to produce Product A and Product B. If you know the opportunity cost of producing Product A in terms of Product B, how can you quickly determine the cost of Product B in terms of product A? Explain in one to two sentences, using an example full sentences

Answer 1

To determine the cost of Product B in terms of Product A, you can simply take the inverse of the opportunity cost of producing Product A in terms of Product B. For example, if the opportunity cost of producing one unit of Product A is 2 units of Product B, then the cost of Product B in terms of Product A would be 1/2 or 0.5 units of Product A.