Mikhail and Stefan are both artists who can create sculptures or paintings each day.The following table describes their maximum outputs per day.Use this table to answer the following questions.

-What is Stefan's opportunity cost of a sculpture?
A) 1/2 painting
B) 1/3 painting
C) 3 paintings
D) 1/3 sculpture
E) 3/5 sculpture

Question

Mikhail and Stefan are both artists who can create sculptures or paintings each day.The following table describes their maximum outputs per day.Use this table to answer the following questions.
 
-What is Stefan's opportunity cost of a sculpture?
A) 1/2 painting 
B) 1/3 painting 
C) 3 paintings 
D) 1/3 sculpture 
E) 3/5 sculpture

Quizplus · Accepted Answer

Opportunity cost is the value of the next best alternative foregone. If Stefan's opportunity cost of a sculpture is 1/3 painting, it means he gives up 1/3 of a painting to produce one sculpture.

Mikhail and Stefan Are Both Artists Who Can Create Sculptures