Table 2.4 Table 2.4 shows the output per week of two jewellers, Serena and Haley.They can either devote their time to making bracelets or making necklaces.
-Refer to Table 2.4.Haley's opportunity cost of making a bracelet is:

Question

Table 2.4  Table 2.4 shows the output per week of two jewellers, Serena and Haley.They can either devote their time to making bracelets or making necklaces.
-Refer to Table 2.4.Haley's opportunity cost of making a bracelet is:

Quizplus · Accepted Answer

To calculate Haley's opportunity cost of making a bracelet, we need to look at the ratio of how much she can produce per week. She can produce 2 necklaces or 2 2/3 bracelets per week. Therefore, the opportunity cost of making one bracelet is: 
1 bracelet = 2 necklaces/2 2/3 bracelets 
1 bracelet = 6/8 necklaces 
1 bracelet = 3/4 necklaces 
So, Haley's opportunity cost of making a bracelet is 3/4 of a necklace. 
The best choice(s) would be to have Serena make bracelets and Haley make necklaces, as this will maximize their total output per week (5 bracelets and 4 necklaces).

Table 24 Table 2