Amy and Bill are fixing up their house by painting walls and installing electrical outlets. In one hour, Amy can paint 8 walls, or install 6 outlets. In one hour, Bill can paint 5 walls, or install 5 outlets a. If Amy painted 8 walls in the first hour of work, and then switched to doing 6 outlets in the second hour of work, what was the opportunity cost of each of those outlets? Instructions: Round your answers to two decimal places. For the third hour, if she switches back to painting 8 walls, what was the opportunity cost of each of those walls? b. If Bill painted 5 walls in the first hour of work, and then switched to doing 5 outlets in the second hour of work, what was the opportunity cost of each of those outlets? Instructions: Answer in whole numbers. For the third hour, if he switches back to painting 5 walls, what was the opportunity cost of each of those walls?

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter2: Scarcity And Opportunity Costs
Section: Chapter Questions
Problem 4E
icon
Related questions
Question

Amy and Bill are fixing up their house by painting walls and installing electrical outlets. 

     

     In one hour, Amy can paint 8 walls, or install 6 outlets. 

     

     In one hour, Bill can paint 5 walls, or install 5 outlets

 

a. If Amy painted 8 walls in the first hour of work, and then switched to doing 6 outlets in the second hour of work, what was the opportunity cost of each of those outlets?

 

Instructions:  Round your answers to two decimal places.

 

 

 

For the third hour, if she switches back to painting 8 walls, what was the opportunity cost of each of those walls? 

 

 

 

b.  If Bill painted 5 walls in the first hour of work, and then switched to doing 5 outlets in the second hour of work, what was the opportunity cost of each of those outlets? 

 

Instructions:  Answer in whole numbers.

 

 

 

For the third hour, if he switches back to painting 5 walls, what was the opportunity cost of each of those walls?

 

 
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Opportunity Cost
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
MACROECONOMICS FOR TODAY
MACROECONOMICS FOR TODAY
Economics
ISBN:
9781337613057
Author:
Tucker
Publisher:
CENGAGE L
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc