Question

3. Again you are told that the economy is producing efficiently and that this time it has chosen to produce and consume 8 units of X. At this point on the production possibilities frontier, you would use calculus to obtain the opportunity cost of X in terms of Y (correct to two decimal points) as: (A) 1/12 (B1/3 (C) 1/2 (D) 3/8 (E) 2/3 (F) 4/3 (G) 8/3 (H) 9/2 (1) 16/3 (J) none of the above