a. Do you expect the opportunity cost of producing ethanol in the United States to have increased

Question:

a. Do you expect the of producing ethanol in the United States to have increased since 2003? Explain why.
b. Do you think the United States has achieved production efficiency in its manufacture of ethanol? Explain why or why not.
c. Do you think the United States has achieved allocative efficiency in its manufacture of ethanol? Explain why or why not. Discuss. Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...