Table 2-8
Table 2-8 shows the output per month of two people,Wilma and Betty.They can either devote their time to making marble statues or making marble benches.
-Refer to Table 2-8.What is Betty's opportunity cost of making a bench?

Question

Table 2-8
  Table 2-8 shows the output per month of two people,Wilma and Betty.They can either devote their time to making marble statues or making marble benches.
-Refer to Table 2-8.What is Betty's opportunity cost of making a bench?

Quizplus · Accepted Answer

Betty's opportunity cost of making a bench is 2 statues (200 benches divided by 100 statues), which means she has to give up making 2 statues to make one bench. Therefore, the best choice for Betty would be to make statues, as she can produce more output with the same amount of time and resources. For Wilma, the best choice would be to make benches, as her opportunity cost of making a bench is only 1/2 statue (50 benches divided by 100 statues), meaning she only has to give up making half a statue to make one bench.

Table 2-8 Table 2-8 Shows the Output Per Month of Month