Asked by
Bailey Scott
on Nov 11, 2024Verified
If Helen can paint one room in the time it takes her to bake 40 cakes and Josh can paint one room in the time it takes him to bake 60 cakes,Josh's opportunity cost of baking one cake is:
A) painting one room.
B) painting 1/40 of a room.
C) painting 1/60 of a room.
D) painting 2/3 of a room.
E) painting 3/2 of a room.
Opportunity Cost
Opportunity cost is the cost of forgoing the next best alternative when making a decision to pursue a certain action.
Painting Room
The process of applying paint to the interior walls of a room, often for decorative or maintenance purposes.
Baking Cakes
The process of preparing cakes by mixing ingredients and cooking them, typically in an oven.
- Clarify the differences between absolute and comparative advantages.
- Scrutinize scenarios with the aim of determining the comparative and absolute advantages of individuals or nations.
Verified Answer
SC
Learning Objectives
- Clarify the differences between absolute and comparative advantages.
- Scrutinize scenarios with the aim of determining the comparative and absolute advantages of individuals or nations.