Mike and Sandy are two woodworkers who both make tables and chairs. In 1 month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. What is the opportunity cost of 1 table? Question 14 Select one: a. 1/5 chair for Mike and 1/3 chair for Sandy. b. 3 chairs for Mike and 5 chairs for Sandy. c. 5 chairs for Mike and 3 chairs for Sandy. d. 1/3 chair for Mike and 1/5 chair for Sandy.

Mike and Sandy are two woodworkers who both make tables and chairs. In 1 month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. What is the opportunity cost of 1 table? Question 14 Select one: a. 1/5 chair for Mike and 1/3 chair for Sandy. b. 3 chairs for Mike and 5 chairs for Sandy. c. 5 chairs for Mike and 3 chairs for Sandy. d. 1/3 chair for Mike and 1/5 chair for Sandy.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 6P

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