James Lucy Wagons 16 18 Tricycles 32 24 Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. What is James's opportunity cost of making a tricycle? Group of answer choices 2 tricycles 1/2 of a wagon 1/2 of a tricycle 3/4 of a wagon
James Lucy Wagons 16 18 Tricycles 32 24 Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. What is James's opportunity cost of making a tricycle? Group of answer choices 2 tricycles 1/2 of a wagon 1/2 of a tricycle 3/4 of a wagon
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
Section3.2: Comparative Advantage: The Driving Force Of Specilization
Problem 2QQ
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Question
Table 1
| James | Lucy |
Wagons | 16 | 18 |
Tricycles | 32 | 24 |
Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles.
What is James's
Group of answer choices
2 tricycles
1/2 of a wagon
1/2 of a tricycle
3/4 of a wagon
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