Table 2-6

Table 2-6 shows the output per week of two jewelers, Serena and Haley. They can either devote their time to making bracelets or making necklaces.
-Refer to Table 2-6.What is Haley's opportunity cost of making a bracelet?
A)3/4 of a bracelet
B)3 bracelets
C)1 1/3 necklaces
D)2 necklaces

Question

Table 2-6
  
Table 2-6 shows the output per week of two jewelers, Serena and Haley. They can either devote their time to making bracelets or making necklaces.
-Refer to Table 2-6.What is Haley's opportunity cost of making a bracelet?
A)3/4 of a bracelet 
B)3 bracelets 
C)1 1/3 necklaces 
D)2 necklaces

Quizplus · Accepted Answer

According to the table, if Haley makes one bracelet, she foregoes making 1 1/3 necklaces. This is her opportunity cost. 
The best choice(s) depend on the specific goal or objective. For example, if the objective is to maximize profit, the best choice(s) can be determined by calculating the revenue and cost of each option and choosing the one with the highest profit margin. If the objective is to meet customer demand, the best choice(s) can be determined by analyzing the market trends and preferences. Without more information on the objective, it is not possible to determine the best choice(s).

Table 2-6 Table 2-6 Shows the Output Per Week of Two Jewelers