Alpha can produce 40 units of coffee or 8 units of cashew nuts. Beta can produce 6 units of coffee or 6 units of nuts. Which statement is accurate with regard to the opportunity cost of production? 1. Beta's opportunity cost of producing 1 unit of nuts is 8 units of coffee. 2. Alpha's opportunity cost of producing 1 unit of cashew nuts is 5 units of coffee. 3. Alpha's opportunity cost of producing 1 unit of coffee is 8 units of nuts.
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