Question

Michael and Angelo live in a small town in Italy. They work as artists. Michael is the more productive artist; he can produce 12 small sculptures each day, but only 10 paintings. Angelo can produce 5 sculptures, but only 3 paintings. Sclupture/day paintings/dayMichael 10 5Angelo 6 2What is the opportunity cost of painting for each artist?

Answer 1

Answer:

Cost of opportunity is 12 small sculptures for Michael and 5 sculptures for Angelo.

Step-by-step explanation:

The cost of opportunity is the alternative that you sacrifice when you choose an option.  

It represents the benefits that you miss out on when choosing one alternative over another.  

In this case,  the cost of opportunity of painting for each artist is the quantity of sculptures that they can make in the same time.

So, cost of opportunity is 12 small sculptures for Michael and 5 sculptures for Angelo.