2. Who has the lowest opportunity cost? Lucia and Kenji need to decide which one of them will take time off from work to complete the rather urgent task of shearing their llamas. Lucia is pretty good with a pair of shears; she can shear the llamas in 30 minutes. Kenji is somewhat slow; it takes him 5 hours to shear the llamas. Lucia earns $130 per hour as a psychiatrist, while Kenji earns $25 per hour as a cobbler. Keeping in mind that either Lucia or Kenji must take time off from work to shear the llamas, who has the lower opportunity cost of completing the task? O Lucia O Lucia and Kenji face identical opportunity costs Kenji

2. Who has the lowest opportunity cost? Lucia and Kenji need to decide which one of them will take time off from work to complete the rather urgent task of shearing their llamas. Lucia is pretty good with a pair of shears; she can shear the llamas in 30 minutes. Kenji is somewhat slow; it takes him 5 hours to shear the llamas. Lucia earns $130 per hour as a psychiatrist, while Kenji earns $25 per hour as a cobbler. Keeping in mind that either Lucia or Kenji must take time off from work to shear the llamas, who has the lower opportunity cost of completing the task? O Lucia O Lucia and Kenji face identical opportunity costs Kenji

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains From Trade

Section: Chapter Questions

Problem 4PA

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