Table 18.3
-Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 18.3. Mia's opportunity cost of producing one hair pin is

Question

Quizplus · Accepted Answer

Mia's opportunity cost of producing one hair pin is the amount of bandanas she could produce instead. If she can produce 3 hair pins or 1 bandana in an hour, then the opportunity cost of one hair pin is 1/3 of a bandana.

Table 18.3 -Consider Two Individuals, Nigel and Mia, Who Produce Hair Pins