Andreas has 10 hours available for knitting scarves and hats. It takes him 10 minutes to knit a scarf and 20 minutes to knit a hat. His current plan is to make 3 scarves and1 hat. What is his opportunity cost (in terms of hats) of knitting one more scarf than is in his plan?

Andreas has 10 hours available for knitting scarves and hats. It takes him 10 minutes to knit a scarf and 20 minutes to knit a hat. His current plan is to make 3 scarves and1 hat. What is his opportunity cost (in terms of hats) of knitting one more scarf than is in his plan?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Andreas has 10 hours available for knitting scarves and hats. It takes him 10 minutes to knit a scarf and 20 minutes to knit a hat. His current plan is to make 3 scarves and1 hat. What is his opportunity cost (in terms of hats) of knitting one more scarf than is in his plan?

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