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Opportunity cost of the farmer

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If the alternative crop is rice, which has a price of $8, an annual output of 100 units, and a non-land cost (including the opportunity cost of the farmer) equal to the non-land cost of indigo.

Question: Is the answer $-50? Computed as $800-$850 = $-50 $800 being the new revenue and $850 being the original non land cost

Reference no: EM132162805

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