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!)

Question

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!)

Worker	Labor hours needed to produce 1 lb of:		Pounds Produced in 24 hrs
Worker	Pork	Tomato	Pork	Tomatoes
Farmer	6	3	4	8
Rancher	4	4	6	6

Worker	Labor hours needed to produce 1 lb of:		Pounds Produced in 24 hrs
Worker	Pork	Tomato	Pork	Tomatoes
Farmer	6	3	4	8
Rancher	4	4	6	6

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Related textbook solutions

Principles of Economics

Principles of Macroeconomics

Principles of Microeconomics

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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