Ken and Traci are two woodworkers who both make tables and chairs.In one month,Ken can make 3 tables or 18 chairs,whereas Traci can make 8 tables or 24 chairs.Given this,we know that the opportunity cost of 1 chair is
A)1/6 table for Ken and 1/3 table for Traci.
B)1/6 table for Ken and 3 tables for Traci.
C)6 tables for Ken and 1/3 table for Traci.
D)6 tables for Ken and 3 tables for Traci.

Question

Quizplus · Accepted Answer

The opportunity cost of a chair is the amount of tables that one woodworker could have made if they hadn't made the chairs. For Ken, he can either make 3 tables or 18 chairs in one month, which means the opportunity cost of 1 chair for Ken is 1/3 of a table (since he could have made 1 table if he didn't make the chairs, and 1/3 is the fraction of the month he spent making chairs instead). For Traci, she can either make 8 tables or 24 chairs in one month, which means the opportunity cost of 1 chair for Traci is 1/3 of a table (since she could have made 1 table if she didn't make the chairs, and again, 1/3 is the fraction of the month she spent making chairs instead). Therefore, the answer is A, 1/6 table for Ken and 1/3 table for Traci.

Ken and Traci Are Two Woodworkers Who Both Make Tables