If the farm adopted a new technology, which allows it to use fewer resources to fatten chickens, explain how the farms production possibilities will change Explain how the opportunity cost of producing a bushel of soybean will be affected Use the table, which shows a farms production possibilities,...

The farms PPF rotates outward the maximum quantity o ...

If the farm adopted a new technology, which allows it to use fewer resources to fatten chickens,

Question:

If the farm adopted a new technology, which allows it to use fewer resources to fatten chickens, explain how the farm€™s production possibilities will change. Explain how the of producing a bushel of soybean will be affected.

Use the table, which shows a farm€™s production possibilities,

Soybean (bushels Chicken (pounds per year) per year) 500 and 300 400 and 200 and 500 and 550

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,...