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 Lucy's opportunity cost of making a wagon?
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 Lucy's opportunity cost of making a wagon?
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains Rrom Trade
Section3.1: A Parable For The Modern Economy
Problem 1QQ
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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 Lucy's
1 1/3 tricycles
3/4 of a wagon
3 wagons
2 tricycles
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