Asked by
Jamie Sheridan
on Dec 17, 2024Verified
Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can complete an oil change in 30 minutes and she can write a poem in 90 minutes. Jake's opportunity cost of writing a poem is lower than Ming-la's opportunity cost of writing a poem.
Opportunity Cost
The cost of the next best alternative forgone as a result of making a particular choice.
Oil Change
An oil change is the process of draining old motor oil from a vehicle's engine and replacing it with new, clean oil to maintain engine performance.
Writing a Poem
The artistic process of expressing emotions, thoughts, or experiences through the structured use of language, rhythm, and imagery to create a literary work.
- Master the conceptualization and calculation of opportunity cost and its criticality in the process of economic choices.
- Distinguish between absolute and comparative advantage in trade relationships.
Verified Answer
VG
Learning Objectives
- Master the conceptualization and calculation of opportunity cost and its criticality in the process of economic choices.
- Distinguish between absolute and comparative advantage in trade relationships.