Table 3-27
Assume that Huang and Min can switch between producing parasols and producing porcelain plates at a constant rate.

-Refer to Table 3-27. The opportunity cost of 1 parasol for Min is
A)1/3 plate.
B)1/2 plate.
C)2 plates.
D)3 plates.

Question

Table 3-27
Assume that Huang and Min can switch between producing parasols and producing porcelain plates at a constant rate.
​ 
-Refer to Table 3-27. The opportunity cost of 1 parasol for Min is
A)1/3 plate. 
B)1/2 plate. 
C)2 plates. 
D)3 plates.

Quizplus · Accepted Answer

According to the table, for Min to produce 1 parasol, she has to give up producing 1/2 plate. This means the opportunity cost of 1 parasol for Min is 1/2 plate. 
The best choice would depend on the specific needs and demands. If there is high demand for parasols, it may be more profitable for Min to produce parasols even though the opportunity cost is 1/2 plate. On the other hand, if there is high demand for porcelain plates, it may be more beneficial for Min to produce plates despite the opportunity cost. Therefore, the best choice cannot be determined solely based on the information provided in the table.

Table 3-27 Assume That Huang and Min Can Switch Between Producing Parasols