Refer to the table below. Julia's opportunity cost of making a cake is: $$\begin{array} { | l | c | c | }
\hline & \begin{array} { c }
\text { Time to } \
\text { Make a Pie }
\end{array} & \begin{array} { c }
\text { Time to } \
\text { Make a Cake }
\end{array} \
\hline \text { Martha } & 60 \text { minutes } & 80 \text { minutes } \
\hline \text { Julia } & 50 \text { minutes } & 60 \text { minutes } \
\hline
\end{array}$$
A)60 cakes
B)6 cakes
C)6/5 of a cake
D)5/6 of a cake

Question

Refer to the table below. Julia's opportunity cost of making a cake is: $$\begin{array} { | l | c | c | } 
\hline & \begin{array} { c } 
\text { Time to } \
\text { Make a Pie }
\end{array} & \begin{array} { c } 
\text { Time to } \
\text { Make a Cake }
\end{array} \
\hline \text { Martha } & 60 \text { minutes } & 80 \text { minutes } \
\hline \text { Julia } & 50 \text { minutes } & 60 \text { minutes } \
\hline
\end{array}$$
A)60 cakes
B)6 cakes
C)6/5 of a cake
D)5/6 of a cake

Quizplus · Accepted Answer

Julia's opportunity cost of making a cake is the time she could have spent making pies instead. It takes her 60 minutes to make a cake and 50 minutes to make a pie. Therefore, the opportunity cost is 60/50 = 6/5 of a pie, which translates to 6/5 of a cake.

Refer to the Table Below A)60 Cakes B)6 Cakes C)6/5 of a Cake D)5/6 of a Cake

Refer to the Table Below A)60 Cakes
B)6 Cakes
C)6/5 of a Cake
D)5/6 of a Cake