Question

Average North Korea farmer produces 1800 pounds of food per year. What is the opportunity cost in pounds of food of North Korea army? Army is 1,190,000 m

One person needs 500 pounds of food a year to survive.

Answer 1

Answer:

1,190,000

Explanation:

World's Largest Armies Rank Country Active Military China United States India North Korea Russia Pakistan South Korea Iran Turkey Vietnam 2,333,000 1,492,200 1,325,000 1,190,000 845,000 643,800 630,000 523,000 510,600 482,000 10 Source: US. Central Intelligence Agency 2017 nstructions: Enter your responses rounded to the nearest whole number. . If the average North Korean farmer produces 1,800 pounds of food per year, what is the opportunity cost, in pounds of food, of North Korea's army? pounds of food per year . If a person needs at least 500 pounds of food per year to survive, how many people could have been fed with the forgone food output.

Answer 2

The opportunity cost of food of North Korean army is 1.32 pounds of food.

Explanation:

In Economics,opportunity cost is calculated by dividing the overall loss or sacrifice from an action by the overall or total gain from that action.In this case,average production of food in North Korea is 1800 pounds per year.The total population of the army is 1.190,000 with each person consuming 500 pounds of food.

Therefore,the total or overall food lost due to consumption by the army=$\frac{1,190,000}{500} =2380 pounds$

Now,after the consumption by the army,the country's shortage of food=$(2380-1800)=580 pounds$

Hence,based on the mathematical formula to calculate opportunity cost,the opportunity cost of food of North Korean army=$\frac{2380}{1800} =1.32 pounds$ approximately.

Hence,based on the overall food production in North Korea,the opportunity cost of food of North Korean army is approximately 1.32 pounds of food.