Complete the following logical statement: "Because of , individuals and societies must make choices, and they must therefore consider the opportunity cost of every action."Maria and Kevin need to decide which one of them will take time off from work to complete the rather urgent task of shearing their llamas. Maria is pretty good with a pair of shears; she can shear the llamas in 1 hour. Kevin is somewhat slow; it takes him 5 hours to shear the llamas. Maria earns $190 per hour as a psychiatrist, while Kevin earns $15 per hour as a cobbler. Keeping in mind that either Maria or Kevin must take time off from work to shear the llamas, who has the lower opportunity cost of completing the task? Maria Kevin Maria and Kevin face identical opportunity costs
Complete the following logical statement: "Because of , individuals and societies must make choices, and they must therefore consider the opportunity cost of every action."Maria and Kevin need to decide which one of them will take time off from work to complete the rather urgent task of shearing their llamas. Maria is pretty good with a pair of shears; she can shear the llamas in 1 hour. Kevin is somewhat slow; it takes him 5 hours to shear the llamas. Maria earns $190 per hour as a psychiatrist, while Kevin earns $15 per hour as a cobbler. Keeping in mind that either Maria or Kevin must take time off from work to shear the llamas, who has the lower opportunity cost of completing the task? Maria Kevin Maria and Kevin face identical opportunity costs
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Complete the following logical statement: "Because of , individuals and societies must make choices, and they must therefore consider the opportunity cost of every action."Maria and Kevin need to decide which one of them will take time off from work to complete the rather urgent task of shearing their llamas. Maria is pretty good with a pair of shears; she can shear the llamas in 1 hour. Kevin is somewhat slow; it takes him 5 hours to shear the llamas. Maria earns $190 per hour as a psychiatrist, while Kevin earns $15 per hour as a cobbler.
Keeping in mind that either Maria or Kevin must take time off from work to shear the llamas, who has the lower opportunity cost of completing the task?
Maria
Kevin
Maria and Kevin face identical opportunity costs
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