Update : BOARD GGU.EDU HELP MY COURSES - The economic concept of cost differs from the everyday notion of a monetary payment. In economics, the cost of doing something is what you have to give up to be able to do it. In this sense, you can face a cost even if you do not have to pay anyone anything. Economists refer to this as an opportunity cost. Suppose that a farmer has land that can produce 20 bushels of corn per acre or 5 bushels of wheat per acre. She currently is producing 100 bushels of corn and 100 bushels of wheat. What is the opportunity cost to the farmer, measured in bushels of corn, of producing an additional 10 bushels of wheat (answer with numbers only. Ex: If the correct answer is 3 bushels then enter 3 in the box below)? Answer: Question 2 Not yet answered Points out of 1.00 P Flag question Based on the above scenario, what is the opportunity cost to the farmer, measured in bushels of corn, of producing 1 additional bushel of wheat (answer with numbers only. Ex: If the correct answer is 3 bushels then enter 3 in the box below)? Answer. Question 3 Not yet answered Points out of 1.00 P Flag question Based on the above scenario, one of the unusual features of opportunity cost is that you can describe the cost of either good in terms of the other. If the cost of wheat is 2 bushels of corn per bushel of wheat, what is the cost, in bushels of wheat, of a bushel of com? Select one: OA 10 bushels of wheat OB. 2 bushels of wheat OC. 0.5 bushel of wheat OD. 0.1 bushel of wheat Question 4 Not yet answered Points out of 1.00 P Flag question Which of the following would not be an advocate advocate a laissez faire economic policy? Select one: OA Karl Marx OB. Adam Smith OC. John Maynard Keynes D. President Franklin Roosevelt