ESSENTIALS OF ECONOMICS
11th Edition
ISBN: 9781260225334
Author: SCHILLER
Publisher: RENT MCG
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Question
Chapter 1, Problem 5P
To determine
(a)
To calculate: the number of rooms that could be painted.
To determine
(b)
To calculate: the floors to be sanded.
To determine
(c)
To draw: A
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QUESTION 7
Olivia and Susan operate a store that sells burritos. There are two main activities: chopping up the ingredients and then cooking the fillings
for the burritos. Olivia and Susan are deciding who should chop the ingredients and who should cook the fillings in order to maximise
output.
Olivia
Susan
Chopped Food
(kg/hr)
15
20
Cooked Food
(kg/hr)
20
30
Which of the following statements are true:
For Olivia, the opportunity cost of 1kg of cooked food is 1.33kgs (to 2 decimal places) of choppectood.
For Susan, the opportunity cost of 1kg of cooked food is 0.67kgs (to 2 decimal places) of chopped food.
Susan should specialise in chopping.
Olivia has an absolute advantage in chopping.
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