question 19 0.6 pts\nmarys production in 1 day marks production in 1 day\ndresses 8 dresses 24\njackets 12…
question 19 0.6 pts\nmarys production in 1 day marks production in 1 day\ndresses 8 dresses 24\njackets 12 jackets 16\n\nin the table above, how many jackets must mark forgo for every dress he makes?\no 2/3 of a jacket\no 16 jackets\no 24 dresses\no 1 1/2 jackets\no 1 jacket
Answer
Explanation:
Step1: Identify the opportunity - cost formula
Opportunity cost = $\frac{Quantity\ of\ Good\ 2\ given\ up}{Quantity\ of\ Good\ 1\ gained}$
Step2: Determine the quantities for Mark
Mark can produce 24 dresses or 16 jackets in a day. To find the number of jackets he must forgo for each dress, we use the opportunity - cost formula. The quantity of jackets given up is 16, and the quantity of dresses gained is 24.
Step3: Calculate the opportunity cost
Opportunity cost = $\frac{16}{24}=\frac{2}{3}$
Answer:
A. 2/3 of a jacket