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Lyrx [107]
3 years ago
11

Ken and traci are two woodworkers who both make tables and chairs. in one month, ken can make 3 tables or 18 chairs, whereas tra

ci can make 8 tables or 24 chairs. given this, we know that the opportunity cost of 1 table is
Business
2 answers:
marysya [2.9K]3 years ago
7 0
<span>The answer is 1/6 table for ken and 1/3 table for traci. Woodworking is the activity or talent of making items from wood, it includes cabinet making, wood carving ,carpentry and woodturning, with the advantage of modern technology and the demands of industry, woodwork nowadays has changed.</span>
Nookie1986 [14]3 years ago
3 0

Answer:

Opportunity Cost (of 1 Table) = <u>6 Chairs</u> for Ken

Opportunity Cost (of 1 Table) = <u>3 Chairs</u> for Traci

Explanation:

Opportunity cost is the "cost" incurred when one foregoes the benefit associated with the best substitute choice

In this case, we have Ken and Traci

Both Ken and Traci can choose either to make Tables or Chairs

Opportunity Cost = Return on Most Profitable Investment Choice - Return on Investment Chosen to Pursue

<u>Ken</u>

Makes 3 Tables or 18 Chairs, this implies that for every Table made, 6 Chairs could have been made

Opportunity Cost (of 1 Table) = <u>6 Chairs</u>

<u>Traci</u>

Makes 8 Tables or 24 Chairs, this implies that for every Table made, 3 Chairs could have been made

Opportunity Cost (of 1 Table) = <u>3 Chairs</u>

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