ECON101 Lecture 10: Chapter 12
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7 Mar 2016
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Refer to Table 1. The opportunity cost of 1 basket for Patrick is:
a. |
1/3 ceramic pot. |
b. |
1 ceramic pot. |
c. |
3 ceramic pots. |
d. |
4 ceramic pots. |
Table 1 |
Labor hours needed to make one unit of: |
Amount Produced in 24 Hours: |
||
|
Woven Baskets |
Ceramic Pots |
Woven Baskets |
Ceramic Pots |
Patrick |
6 |
2 |
4 |
12 |
Donna |
3 |
4 |
8 |
6 |
Please include a brief explanation of why the answer is correct too. (I am using Principles of Microeconomics by N. Gregory Mankiw 6h Edition, a page number would be great!)