Use the following scenario to answer the questions that follow.
Esther and Albert produce hamburgers and hot dogs. Esther can produce six hamburgers per hour or four hot dogs per hour. Albert can produce three hamburgers per hour or one hot dog per hour.
-Based on the scenario,Esther's opportunity cost of one hamburger is ________ hot dog(s).

Question

Quizplus · Accepted Answer

Esther's opportunity cost of one hamburger is calculated by dividing the number of hot dogs she could produce in one hour by the number of hamburgers she could produce in one hour. So, Esther's opportunity cost of one hamburger is 4/6 = 2/3.

As for the best choice(s), it depends on the goal or objective. If the goal is to produce the most hamburgers possible, then Esther should focus on producing hamburgers since she can produce more per hour than Albert. However, if the goal is to optimize production of both hamburgers and hot dogs, then Esther should focus on producing hot dogs as her opportunity cost of one hamburger is lower than Albert's. In other words, Esther can produce hot dogs more efficiently than hamburgers compared to Albert's production capabilities.

Use the Following Scenario to Answer the Questions That Follow